S. Korea to Propose Lower Trade to Clean Energy

Seoul, May 11 (QNA) – South Korea plans to call for lowering trade barriers to products and services related to renewable energy as a way of promoting its global use, state-run news agency (Yonhap) reported Sunday.

The call will be made at the fifth meeting of Clean Energy Ministerial (CEM) to be held for two days from Monday in Seoul, according to the Ministry of Trade, Industry and Energy.

Removal of trade barriers, including non-tariff barriers, will include addressing international standards and regulations for clean energy products, it said.

“To encourage more investment in the clean energy sector, clean energy products must have easier access to the markets of various countries throughout the world, but different standards of each country and the lack of international regulations are blocking such products from reaching markets overseas,” South Korean Minister Yoon Sang-jick recently said.

Yoon and his counterpart from the United States will attend the meeting with ranking officials from 20 other member countries.

Energy minister of Saudi Arabia, which has yet to become a full member of the CEM, will also participate as an observer.

The global market for clean energy products has been losing momentum, with fresh investment in the sector declining from US$31.8 billion in 2011 to $28.6 billion in the following year and to $25.4 billion last year, according to the ministry.

To help entice fresh investment, the country plans to propose creating a new working group that will be specifically tasked with enhancing global market access of clean energy products, it said.

It also plans to announce a list of 10 most prominent energy technologies, including the carbon capture, use and storage technology, which will lead the industry over the next decade. (QNA)

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