HD Hyundai's Cho Suk: 2025 APEC Must Address Energy Security Transition
HD Hyundai's Cho Suk: 2025 APEC Must Address Energy Security Transition
HD Hyundai Vice Chairman Cho Suk emphasized the importance of energy security at the 2025 APEC CEO Summit, advocating for a transition from fossil fuel-based energy systems to renewable energy-centric ones. Speaking at the APEC CEO Summit held on October 29th at the Gyeongju Arts Center in North Gyeongsang Province, Vice Chairman Cho urged economic leaders from various countries to engage in in-depth discussions on a new paradigm for energy security. In particular, he stressed the need to secure the stability of energy supply chains amidst rapidly changing international affairs and to seek energy policy directions for sustainable growth. Cho's remarks provide important implications for resolving the energy security issues facing APEC member countries, including South Korea, and for seeking cooperative measures to build future energy systems. Amid increasing volatility in the energy market and geopolitical risks, Cho's proposal is expected to contribute to strengthening energy security and achieving economic prosperity for APEC member countries.
In his keynote address, Vice Chairman Cho predicted the end of the fossil fuel era and emphasized a fundamental shift in the concept of energy security. He explained that while traditional energy security focused on securing fossil fuels, the transition to renewable energy requires a new level of security through diversification and decentralization of energy sources. In particular, Vice Chairman Cho pointed out that South Korea relies on the Middle East for 84% of its crude oil imports, emphasizing the urgency of diversifying energy supply chains. He warned that excessive dependence on specific regions can lead to instability in energy supply and demand, which could pose a serious threat to the national economy. Therefore, he suggested that diversifying energy supply chains and expanding domestic renewable energy production capacity are key strategies for strengthening energy security. Cho's argument is expected to provide important guidance for South Korea to secure energy security and set policy directions for achieving sustainable growth. The South Korean government should review its energy policies based on Cho's proposal and develop concrete measures to strengthen energy security.
Vice Chairman Cho expressed concern about the increasing energy demand, mentioning that South Korea's electricity consumption increased by 4.3% year-on-year last year. He pointed out that energy consumption is continuously increasing along with economic growth, which could exacerbate energy supply and demand imbalances and act as a factor threatening energy security. Therefore, he stressed the importance of increasing energy efficiency and making energy conservation a way of life. In addition, Vice Chairman Cho cited HD Hyundai Electric's record-breaking performance since 2022, driven by the US market boom and increased electricity demand, suggesting the growth potential of the energy industry. He introduced the fact that HD Hyundai Electric's extra-high voltage transformer orders have been completed up to 2029 in the United States and Europe, emphasizing that HD Hyundai's technology is being recognized in the global market. Cho's remarks suggest that the South Korean energy industry must continue its efforts to secure competitiveness in the global market and achieve sustainable growth. South Korean companies should refer to HD Hyundai's success stories and strengthen their competitiveness in the global market through technological innovation and quality improvement.
HD Hyundai's Vice Chairman Cho Suk's remarks at this APEC CEO Summit provided an opportunity to present the direction of South Korea's energy policy and emphasize the importance of energy security once again. He emphasized that accelerating the transition from fossil fuels to renewable energy, diversifying energy supply chains, and increasing energy efficiency are key strategies for securing energy security. Cho's proposal is expected to provide important guidance for South Korea to strengthen energy security and set policy directions for achieving sustainable growth. Government officials, including [Irrelevant name], should review energy policies based on Cho's proposal and develop concrete measures to strengthen energy security. In addition, APEC member state leaders, including [Irrelevant name] should strengthen international cooperation to solve energy security problems and build future energy systems. Amid increasing volatility in the energy market and geopolitical risks, cooperation among APEC member countries will play an important role in strengthening energy security and achieving economic prosperity.
In conclusion, HD Hyundai Vice Chairman Cho Suk's APEC CEO Summit speech is meaningful in that it diagnosed the vulnerabilities of South Korea's energy security and presented solutions. Through policies that reduce reliance on energy imports, increase the proportion of renewable energy, and improve energy efficiency, South Korea will be able to move towards energy independence. In addition, the technological development and overseas market entry of companies such as HD Hyundai Electric suggest that they can be new growth engines for the South Korean economy. The South Korean government and companies should actively accept Cho's proposal and continue efforts to strengthen energy security. Through this, South Korea will be able to achieve sustainable growth and pass on a better environment to future generations.
