Remarks from the Republic of Korea

Remarks at the Mission Innovation Event
by H.E. President Park Geun-hye
President of the Republic of Korea
November 30, 2015

Let me offer my congratulations on the launch of Mission Innovation.

Korea has been investing aggressively in new and renewable energy, energy storage systems, carbon capture and storage (CCS) and other clean energy technologies as a way to tackle the crisis of climate change with innovative technologies and industries.

For instance, by making intensive and focused investments in R&D as well as through efficient role-sharing between the private and public sectors, we have managed to develop world-class technologies for energy storage systems in a fairly short period of time.

In the field of carbon capture and storage, we are undertaking a wide range of research and demonstration projects with a view to cutting greenhouse gas emissions by at least 4 million tons by 2030.

Korea’s endeavors and commitments in this regard are in line with Mission Innovation’s vision.

Korea will stay actively engaged in what Mission Innovation does, by expanding clean energy R&D, among others, in the coming years.

Let me take this opportunity to make some suggestions for pushing Mission Innovation forward.

First, an open system of collaboration must be pursued.

No single nation can, on its own, succeed in tackling climate change and innovating clean energy technology.

More countries should join Mission Innovation to share their technologies and conduct collaborative research in promising new fields.

The private sector’s active participation and public private partnership are also indispensable.

As such, I fully support the collaborative model envisioned by Mission Innovation, which brings together the government and investors from the private sector.

Going forward, we must work together to further strengthen openness, communication and partnership so that the technologies, knowledge and experience of governments and businesses around the world can be linked and integrated in a creative manner.

Second, ICT-enabled new energy industries also merit keen attention.

New and renewable energy equipment, when deployed together with energy storage systems, will enable power generated during the day to be used even at night. Electric vehicles can be connected to the grid using smart grid technology, in effect functioning as a power generator.

New energy industries that marry traditional industries with ICT will significantly accelerate global technology innovation and greenhouse gas reductions through convergence and creation.

Korea aims to actively share its technology and experience in new energy industries through Mission Innovation, and we hope that the initiative serves to bolster investments and exchanges among nations in this arena.

Third, supporting developing countries is also a must.

Financial assistance and technology transfer to developing countries are equally important if the new climate regime is to take off successfully.

In this vein, Mission Innovation should aspire to become an innovative initiative that is broadly inclusive, by taking on a proactive role in extending support to non-member countries, not least the developing countries.

In particular, partnering with the GCF will generate considerable synergy.

If technologies that are well-suited to serve the needs of developing countries are cultivated and commercialized through Mission Innovation, and these are in turn transferred to developing nations with the GCF’s funding, this would provide a strong boost to cutting greenhouse gas emissions and technological advancement in developing countries.

Going forward, may Mission Innovation help rally each nation’s endeavors to achieve innovation in clean energy technologies and serve as another driving force that propels the new climate regime.

Thank you.