The fifth Clean Energy Ministerial meeting opens Monday in Seoul and run for two days under the theme of “Act Together, Think Creative,” according to the Ministry of Trade, Industry and Energy on Sunday.
CEM is a voluntary and collaborative global forum of energy ministers from 23 governments with the distinctive goal of accelerating the world’s clean energy transition.
During the meeting, Korea, as the host country, will call for lowering trade barriers to products and services related to renewable energy as a way to promote its global use, the ministry said in a press release.
The removal of trade barriers, including nontariff barriers, will involve 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 overseas markets,” Energy Minister Yoon Sang-jick said in a recent meeting with the press.
High-ranking energy officials from 20 other countries, including U.S. Energy Department Secretary Ernest Moniz, and Danish Minister for Climate, Energy and Building Rasmus Helveg-Petersen, will attend the meeting. Saudi Arabian Minister of Petroleum and Mineral Resources Ali al-Naimi will attend as an observer.
The global market for clean energy products has been losing momentum, with fresh investment in the sector declining from $31.8 billion in 2011 to $28.6 billion in 2012 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 to clean energy products, it said.
It will also showcase 10 breakthrough clean energy technologies, including carbon capture, use and storage technology, which will lead the industry over the next decade.
By Seo Jee-yeon and news reports