South Korea, UAE Join Forces On Green New Deal Projects
South Korea announced on Thursday the agreed joint venture with the United Arab Emirates (UAE) into sustainable resources, such as hydrogen, in line with their goal to reduce carbon footprint.
According to South Korea's Ministry of Trade, Industry and Energy, the two countries declared expanding their ties in the green energy segment, including hydrogen beyond traditional sectors, such as oil.
"We are actively rolling out Green New Deal projects. As the UAE also has been implementing the Energy Strategy 2050, the two countries can broaden ties in the green energy segment, including hydrogen," Sung said during the meeting.
He added that South Korea is vigorously continuing out projects in the Green New Deal, one of four pillars of the country's efforts to invest 160 trillion won by 2025 to create 1.9 million jobs and jumpstart the economy.
The memorandum of understanding between South Korea and the United Arab Emirates (UAE) focused on strengthen connections in technologies and trades linked to hydrogen.
South Korea strategies to realize carbon neutrality by 2050.
Yonhap News Agency reports that hydrogen is an environmentally friendly alternative to fossil fuels as automobiles running on the resource only create water to generate power. Hydrogen can be produced as a by-product of industrial facilities, including petrochemical plants as well.
Middle East outbound shipments reached 3.6 billion in 2020, an increase of 5.5 percent from a year earlier.
South Korea typically transported auto parts to the UAE while trade in crude and other petrochemical products.
Automobiles running on hydrogen only create water in the process of generating power.
Hydrogen can be made as a by-product of manufacturing facilities, including petrochemical plants.
According to reports, UAE is South Korea's 24th-largest export partner in 2020, with outbound shipments to the Middle Eastern country reaching $3.6 billion in 2020, up 5.5 percent from 2019.
South Korea mostly shipped auto parts while importing crude and other petrochemical products from the UAE.