President Lee: "Middle East Crisis a Major Obstacle to Energy Transition"

[Financial News] President Lee Jae Myung met with Fatih Birol, secretary-general of the International Energy Agency (IEA), at Cheong Wa Dae on the afternoon of the 17th. "The global energy crisis is intensifying, so the International Energy Agency must also have a lot on its mind," he said. "The Republic of Korea will spare no effort to cooperate internationally in line with the IEA's strategic policies."
President Lee added, "We are also in the process of making a sweeping shift in our energy system toward renewable energy. However, the energy crisis caused by the recent Middle East crisis seems to be creating a major obstacle to this transition."
He continued, "This is a critical juncture for the Republic of Korea as well, and I imagine that the sense of crisis regarding energy is high around the world. I would appreciate your views on how to respond and how the situation may unfold going forward."
Birol responded, "Securing energy security is important, and electrification is emerging as a very important policy as part of that effort. I would like to say that I view very favorably, and would also like to congratulate, the Korean government's decision to place electrification at the center of its energy policy."
He added, "I plan to speak to the world about the direction and framework Korea has adopted. About two and a half years ago, I said that the world was entering the age of electrification and that Korea was a good example of this. If Korea achieves this electrification goal, I believe it will not only help the country's sovereignty and economy, but also contribute to emissions reductions in response to the climate crisis. Thank you for demonstrating visionary leadership."
According to Cheong Wa Dae, the meeting was held after President Lee proposed, during the Group of Seven (G7) summit in June, discussing ways to cooperate on strengthening the resilience of energy supply chains in the Asia-Pacific region.

[email protected] Choi Jong-geun Reporter