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FROM: Daesung Group
[Dong-a Ilbo Column]
June 11, 2010
Asian Countries in Pursuit of New Energy
The United States has passed on its title of world leader in energy consumption to China. Last year, China overtook the U.S. to claim the number one spot in worldwide energy consumption. India also overtook Russia to climb to 3rd place on the worldwide energy consumption ladder. According to ENERDATA, the independent energy consulting company headquartered in France, developed countries have reduced energy consumption by 10% over the past year. Developing countries, however, have displayed a continuous growth in energy consumption.
As I meet with foreign experts as a Regional Vice Chair of the World Energy Council (WEC), I feel the center of gravity of global energy markets is quickly shifting to Asia. Asia’s energy consumption will soon prevail over the energy consumption of both North America and the European Union (EU). Increased energy consumption is inevitably followed by environmental responsibility. Asia must now accept the responsibility to come up with solutions to tackle these environmental issues.
The Korean government and domestic industries are cooperating to foster new green growth. Many companies have announced major investment plans in environmentally friendly and so-call green technology. In addition, other neighboring countries in Asia have also focused their efforts and have invested in renewable or environmentally friendly technology. Asian countries are working to ensure the energy supply of the future, to develop a Clean Development Mechanism (CDM) that measures carbon emission, and to take preemptive measures against the future growth of industrial technology.
For example, take solar energy. Merrill Lynch has reported that by 2012, major Asian countries will have up to 6300MW of solar energy compared to the European Union’s projected amount of 5350 MW. Compared to that of 2009, the EU’s projected installation of solar panels is expected to increase by roughly 30% while China, India, Japan, and Korea are expected to install nearly 10 times the number of solar panels by 2012. China has expanded clean energy in the private sector, and provincial and central government to encourage the positive growth of renewable energy. China has already implemented a set of new energy-saving criteria in Shanghai. The new mandate states that any apartment or public building that is at least six stories high must have a solar water heater.
In the future, Korean companies should continue to focus on a green technology in hopes that will continue to grow more competitive in the global market. Likewise, the Korean government should also support and back the commercialization of the technology to encourage growth and competition in both domestic and foreign markets.
The “Asia Energy Leaders Summit” will be held in Beijing, China on June 11th. The WEC (World Energy Council) and China’s National Development and Reform Commission (NDRC) will co-host Asia’s leading energy companies’ CEOs and nations’ top ranked officers. Here, many will gather to discuss greenhouse gas emissions and energy security plans for the future. 10 years ago, this sort of gathering would have only attracted the attention of the region. Now, the summit has attracted the world’s attention.
Daesung Group Chairman
Younghoon David Kim
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