2018 Energy Strategy Forum
Crystal Ballroom, Banyan Tree Club & Spa
20 June 0700 (2-3 minutes)
I offer my sincere congratulations to the Seoul Economic Daily on hosting the 9th Energy Strategy Forum. Thank you to Mr LEE Jong-hwan, CEO and Vice Chairman, of Seoul Economic Daily, for hosting this event.
I would also like to recognise Mr SHIN Joong-ho, Chair of the Korean Society of Mineral and Energy Resource Engineers, and Representative LEE Hoon, member of the MOTIE Committee.
Globally, we are at the cusp of an energy revolution.
In line with our Paris Agreement goals, we are moving to a low-carbon future. At the same time, around 3 billion additional people will be joining the world’s middle class over the next 15 years, which will require reliable forms of energy.
These factors will change the way we think about the global energy market.
In Korea, President Moon has put forward an ambitious new energy policy, focusing on increasing the reliance on renewable energy.
In Australia, Australia is on track to achieve its aim of renewables accounting for 23.5 per cent of Australia’s energy by 2020.
But the transition from coal to renewables will require time and strategic planning. We will need to take a balanced approach to making this transition work.
Energy has long been the foundation of Australia and Korea’s strong and complementary bilateral trade and investment relationship.
Australia’s coal and LNG exports have provided the fuel for Korea’s spectacular economic growth. Australia’s relationships with KOGAS, KEPCO and POSCO have been longstanding and mutually beneficial.
Australia will continue to be a reliable supplier of traditional forms of energy. Australia will continue to welcome Korean investment in our coal and gas industries.
In fact, Korean investments in projects such as Prelude in the North West Shelf have been pivotal in developing Australia’s gas sector.
By 2022, Australia is poised to be the world’s largest producer of LNG, which many consider to be the transition fuel as we head towards a low-carbon economy.
Through investment and collaboration, Australia and Korea can shape the energy sources and technology of tomorrow.
Australia has a wealth of natural resources from coal to gas, through to abundant renewable energy sources, including solar and wind. Australia also has significant potential in minerals such as lithium, which is driving the next wave of innovation in battery storage. Combined with strong regulatory and legal frameworks, Australia provides an ideal environment for investment and innovation.
Australia will continue to welcome Korean investment in energy, where Korea has world-leading technology and a commitment to R&D.
I would like to again congratulate the Seoul Economic Daily for hosting this very timely forum. I look forward to Australia and Korea continuing to work together to benefit from the next energy revolution.