Yoo Jung-joon, vice chairman of SK E&S, was appointed as the first chairman of "Energy Alliance," a private-led energy companies’ alliance launched on April 6.
Vice Chairman Yoo will officially take office at the Energy Alliance`s founding general meeting scheduled to be held in May.
Energy Alliance was born after major private energy companies in Korea gathered and discussed to jointly respond to related policies and consider business strategies in line with the global trend of decarbonization. This is the first time that a voluntary community is led by private energy companies.
The CEOs of 10 private companies, including SK E&S, GS Energy, POSCO Energy, Hanwha Energy, DL Energy, Doosan Heavy Industries & Construction, Hyundai Motor, Hyosung Heavy Industries, E1 and Hyundai Economic Research Institute, held a preliminary meeting to appoint Yoo as the first chairman.
In addition, representatives of 10 participating companies signed a memorandum of understanding (MOU) on mutual cooperation to establish the Energy Alliance and actively cooperate in responding to carbon neutrality and promoting energy conversion.
The newly launched Energy Alliance started with a consensus that it needs a channel to discuss the future direction of the entire energy industry in line with the global trend of decarbonization, and that it needs to establish a private-led governance system in the energy sector.
This is the first time that domestic private companies have created a voluntary community related to carbon neutrality.
Minister of Trade, Industry and Energy Sung Yoon-mo, who attended the inauguration ceremony, said, "We expect Korean energy companies to respond to the challenging task of carbon neutrality and create new growth engines such as fostering new energy industries."
Chairman Yoo said, "The world's major countries and global companies are engaged in endless competition to preempt the carbon neutral era. We will establish a new governance system for the energy industry as this trend is coming as a huge shock."
