‘Switch to Renewable Power Before You’re Forced to’

KoreaTimes.co.kr
10-31-2006

Panels at a solar power plant in the Mojave Desert light up to a central tower in this undated file photo. Even the United States, which hasn’t ratified the Kyoto Protocol, is increasing investment in renewable energies.

The world is slowly but steadily shifting from fossil fuels toward renewable energies. It is unavoidable for related industries to fit themselves into the wind of change or otherwise fade away, said Lee Hyun-seung, chief of GE Energy Korea.

"If a company does not take action beforehand, it will inevitably fall behind the trend,’’ he said. "It is most important to realise how the world is changing, and to take the appropriate initiative.’’

GE is a giant in the traditional power industry and it also is one of biggest players in the wind and solar power sector. Last month, it was selected for Asia’s largest solar power project, which is a 3-megawatt facility to be constructed at Yongkwang, South Cholla Province. It has been working together with two Korean firms _ Doosan for power generators and Taewoong for wind turbines.

Lee, who worked at the Ministry of Finance and Economy until 2001, points out that most developed nations are gradually switching from coal and oil power to nuclear and renewable energies in accordance with the Kyoto Protocol. Even the richest oil producing nations take such a trend for granted, he said.

"Last November, power companies in the United States had a meeting at a GE training center in Crotonville. The topic was the energy industry in 2012, and the consensus was that they will have to reduce the carbon dioxide emission regardless of whether the United States ratifies the Kyoto Protocol or not. "So the gap will increase between companies that are prepared and companies that are not prepared,’’ he said.

The industry is still fledgling, so the wind and solar equipments sales only account for about 1 percent of GE Energy’s total sales, Lee said. But the company sees a bigger potential in the renewable energy market.

Last year, GE launched its "Ecomagination’’ initiative in an attempt to position itself as a green company. During his visit to Korea in May, CEO Jeffrey Immelt mentioned the renewable energy business as one of four sectors where it will hold the future. The others were molecular medicine, nano-technology and security service.

"Renewables are even more important to South Korea as most of its oil and coal demands are imported,’’ Lee said. "It has to diversify its energy portfolio, because no one knows how the fuel price will change in the future.’’