Trade, Industry and Energy Minister Lee Chang-yang signed the “Korea Energy Efficiency Partnership (KEEP) 30” MOU on October 19 with 30 largest energy consuming companies’ representatives, including Samsung Electronics CEO Rhee In-yong and Hyundai Steel CEO Ahn Dong-il.
The KEEP MOU signing is another commitment in a series of energy saving, following the “10 resolutions for the public sector energy diet” announced on October 6. Industrial energy consumption takes up 63 percent of Korea’s total energy use, and the 30 companies present at the MOU signing ceremony represent 57 percent of that industrial energy consumption.
Participating companies expressed commitment to the five-year voluntary energy efficiency innovation pledge. Discussions also took place regarding winter season energy usage reduction measures and saving facilities investment plan for next year.
KEEP 30 is a new project by which 30 largest energy consuming companies will make efforts to attain energy efficiency goals for over the next five years, while the Korean government supports them with an incentive package.
Mainly the makers of steel, oil refinery, chemicals, cement and semiconductors, the 30 energy consuming giants will be striving to reduce their energy consumption rate by 1 percent each year. The Government will evaluate and grade each based on their energy saving progress and outcomes reported via annual performance reports, which will be disclosed to the public.
Their contribution to energy usage reduction of their subcontractors will be calculated as their own energy reduction achievements to promote cooperation.
Loans for building energy saving facilities will be open and expanded for participating companies by ways of giving extra points and raising loan amount limits. Companies will also be allowed to partake in the energy efficiency R&D planning process so that technical development projects can be designed in ways that meet practical corporate needs.
The companies present at the KEEP 30 MOU ceremony stated their commitment to carry out social responsibility programs and voluntarily reduce energy consumption during winter season.
Each company will roll out respective policies for this goal, such as utilizing high-efficiency facilities and improving processes. The 30 companies’ energy saving goal for the fourth quarter of 2022 and first half of 2023 is cutting energy consumption by 520,000 TOE (tonnes of oil equivalent).
Minister Lee Chang-yang expressed gratitude to the KEEP 30 companies, assuring that the Ministry will “take utmost care managing the energy supply so that their production activities will not be hindered.”
Source: Ministry of Trade, Industry and Energy