1. Deputy Minister for Economic Affairs Kang Jae Kwon and U.S. Assistant Secretary for Energy Resources Geoffrey R. Pyatt co-chaired the 9th ROK-U.S. Energy Security Dialogue (ESD) at the Ministry of Foreign Affairs on March 17.
2. The 9th ROK-U.S. ESD was held at the deputy ministerial level, upgraded from the previous director-general level, in celebration of the 70th anniversary of the ROK-U.S. alliance this year. The two sides looked into the global energy crisis caused by the situation in Ukraine, and discussed a range of ways to work together to enhance energy security and promote transition to clean energy.
o The two sides appreciated the efforts made by both the Korean and the U.S. governments to stabilize the global energy market, including the release of Strategic Petroleum Reserve (SPR), exchanged views on renewable energy, and discussed ways to strengthen cybersecurity of critical infrastructure, including power grid and energy infrastructure.
o In addition, the U.S. side expressed appreciation for the Korean government's support for the restoration of Ukraine's power grid, and discussed ways to work together going forward.
3. The Korean side explained the Korean government's basic energy policy focusing on reorganizing the energy mix as well as its hydrogen economy policy, including building the ecosystem of the hydrogen industry. The two sides agreed to continue to boost cooperation in the process of transition to clean energy.
o The U.S. side took note of Korea's leading role in the utilization of hydrogen, and the two sides agreed to continue exploring ways to expand bilateral cooperation in establishing standards and throughout the entire value chain, including the production of clean hydrogen and transportation.
4. The two sides reviewed the progress in cooperation under the Minerals Security Partnership (MSP) aimed at stabilizing and diversifying the supply chain of critical minerals, which are essential in the clean energy industry, and discussed in depth cooperation between the two countries around the world, including Asia.
o Particularly, the U.S. side extended appreciation to the Korean government for participating actively in the MSP activities at both high and working levels from the initial stages of the MSP.
5. The two sides agreed to continue discussing ways to hold the 10th ROK-U.S. ESD next year in conjunction with a possible track-1.5 meeting attended also by entrepreneurs to strengthen cooperation and networking with the private energy sector.