UK Secretary of State for Energy and Climate Change, Ed Davey, today begins a three-day visit to Seoul to strengthen the UK’s partnership with South Korea on tackling global climate change and harnessing the opportunities of the low carbon economy.
Mr Davey will join Korean Minister for the Environment Yoon Seung-gyu to open the first UK-Korea Emissions Trading Workshop. At the workshop, South Korea’s ETS Taskforce will have the chance to discuss lessons learned from EU’s pioneering cap and trade system to reduce carbon emissions.
Mr Davey will also meet new Minister for Trade Industry and Energy Yoon Sang-jick to build bilateral co-operation on low carbon growth and innovation.
Later in his visit, the Secretary of State will visit the Global Green Growth Institute to hand over the UK’s Instrument of Ratification, cementing the UK’s place as an official member of the Korea-based international organisation.
In a keynote speech to the Seoul business community, he will set out how the UK is transforming its electricity market to give investors the certainty and incentives they need to invest in the world’s first ever low carbon electricity market. He will also meet industry leaders to discuss potential commercial partnerships in renewable and nuclear energy.
The UK Low Carbon Goods and Services Market is the sixth largest in the world and worth £112 billion. It is growing at over 4% a year and employs almost one million people across the UK.
Mr Davey is the Member of Parliament for Kingston and Surbiton, the Greater London constituency that includes New Malden – home to Europe’s largest Korean community.
Speaking ahead of his visit, the Secretary of State said:
I am delighted to be coming to Seoul. South Korea has been a regional leader on low carbon, passing Asia’s first emissions trading legislation and launching the Global Green Growth Institute. What South Korea does next is crucial – it has a pivotal role to play in building global confidence in the low carbon economy and working for a global deal to limit climate change. I look forward to working with Korea to seize that opportunity and build on our excellent relationship.