2024 Energy Efficiency Target System Seminar Held in Korea

 

The Ministry of Trade, Industry and Energy, together with the Korea Energy Agency, held the 2024 Energy Efficiency Target System Seminar in Busan on September 4.

Overview of the KEEP 30 Program

KEEP 30 is a program where 30 major energy-consuming companies aim to improve their energy efficiency by 1% annually from 2023 to 2027, with government support. The program officially began in 2023 after an agreement was signed in October 2022.

First-Year Achievements of KEEP 30

In its first year (2023), the KEEP 30 program exceeded expectations, achieving an average energy intensity improvement rate of 2.2% among participating companies, surpassing the initial target of 1%. Sixteen companies reported improvement rates over 1%, with the automotive, cement, and steel industries showing the highest gains.

Boost in Energy Efficiency Investments

Policies like KEEP 30 and support for upgrading to high-efficiency equipment have significantly increased private investments in energy efficiency. After declining from 2019 to 2022, these investments reached a record 1.3654 trillion KRW in 2023, with a 32% increase in the industrial sector, surpassing 1 trillion KRW for the first time. This reflects the impact of energy efficiency policies introduced since late 2022 to address the global energy crisis.

 

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