The UK government has signed a statement of cooperation with South Korea on the development of nuclear power.
UK Energy Security Minister Grant Shapps agreed to a joint statement on cooperation with South Korea’s Minister of Trade, Industry, and Energy Dr. Lee Chang-yang. The two governments agreed on the development of nuclear power as a “safe, clean, and affordable” source of energy.
Shapps said of the deal: “I want the Republic of Korea to work more closely with us in the UK, to make the most of world-leading British expertise and move more quickly towards greater use of renewable energy and investment opportunities in the UK, and to leverage our global energy sources against Putin’s arsenal. Redouble efforts”.
The move comes as the UK is encouraging nuclear development, including building small modular reactors. The UK government aims to produce 25% of the country’s energy from nuclear sources by 2050.
China has a large involvement in the UK nuclear industry, but the UK government is trying to reduce its role. The Chinese General Nuclear company withdrew from the Sizewell C nuclear development project in November 2022, and now the UK government will fund an $843 million share matched by EDF of France. China still holds a stake in EDF’s Hinkley Point C project south of the UK.
China has the world’s third-highest installed nuclear capacity, and as of 2017, 87% of nuclear power plants dismantled were Russian or Chinese.
Increasing renewable energy capacity
The UK and South Korea agree to cooperate on expanding renewable energy capacity, including offshore wind.
Shapps said: “As we get closer to the tipping point when retaining coal and gas power no longer makes economic sense, let alone environmental sense, there is a greater opportunity for British and Korean companies to work together. Both countries and our communities”.
The UK government claims that development in both nuclear and renewable energy will reduce Russian influence by boosting energy security.
Korea has a target of 12GW of production from offshore wind by 2030. UK companies represent 60% of offshore wind engineering projects in the country. The UK has 14GW o of offshore wind capacity and aims to produce 50GW by 2030.
