The Republic of Korea (ROK) and the UK have signed a memorandum of understanding (MoU) regarding cooperation on offshore wind vitality.
The UK and ROK have already got a confirmed relationship in offshore wind, with large-scale investments within the UK’s provide chain and within the growth of ROK’s offshore wind sector.
This MoU emphasises the desire to construct on this current cooperation to speed up deployment, deal with limitations to commerce, and encourage mutual financial growth via common government-to-government dialogue and business-to-business cooperation, in response to the companions.
The individuals will help the UK and ROK’s offshore wind deployment by sharing expertise and experience from their respective sectors.
As well as, individuals settle for to advertise enterprise actions and facilitate alternatives for UK and ROK firms to collaborate in ROK and the UK, in addition to joint offshore wind tasks in third international locations, in response to the press launch from the UK Authorities.
The information follows the latest announcement from South Korea’s Ministry of Commerce, Business and Vitality that two UK firms, Corio Era and BP, submitted funding plans for offshore wind tasks in South Korea totalling about EUR 1.06 billion.
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The UK has the world’s second-largest put in offshore wind capability, with a authorities goal to greater than triple this capability by 2030 to 50 GW, together with 5 GW of floating offshore wind.
Again in 2018, the South Korean Authorities set a 2030 offshore wind goal of 12 GW in its Renewable Vitality 3020 Implementation Plan, which was reaffirmed by the now-former South Korea’s president Moon Jae-in in 2020. Since 2022, it has been reported that the nation has a goal of reaching 14.3 GW of offshore wind energy by 2030.
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