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Industry Groups Warn of ₩27 Trillion Carbon-Credit Burden Under New Emissions Plan; Government Disputes Estimate

Industry Groups Warn of ₩27 Trillion Carbon-Credit Burden Under New Emissions Plan; Government Disputes Estimate

SEOUL, Dec. 4 (Korea Bizwire) — South Korea’s major business lobby warned that companies may face nearly 27 trillion won (US$20.4 billion) in carbon-credit purchasing costs over the next five years under the government’s newly announced emissions trading allocation plan. The climate ministry swiftly rejected the estimate, calling it an exaggerated projection based on flawed assumptions. [...]

Korean Air and Hyundai Rotem to Co-Develop Reusable Methane Rocket Engine Under $33 Million Program

Korean Air and Hyundai Rotem to Co-Develop Reusable Methane Rocket Engine Under $33 Million Program

SEOUL, Dec. 3 (Korea Bizwire) — Korean Air Co. and Hyundai Rotem Co. said Wednesday they will jointly develop a reusable 35-ton-class methane rocket engine — a core technology for next-generation launch vehicles — by October 2030 under a government-backed 49 billion-won (US$33 million) program. Under the program, overseen by the Korea Research Institute for [...]

Korea Targets Tripling Onshore Wind Capacity by 2030 in Carbon-Neutral Push

Korea Targets Tripling Onshore Wind Capacity by 2030 in Carbon-Neutral Push

SEOUL, Dec. 3 (Korea Bizwire) — South Korea aims to triple its onshore wind power capacity to 6 gigawatts (GW) by 2030 while lowering generation costs as part of efforts to expand the use of eco-friendly energy and achieve carbon neutrality, the climate ministry said Wednesday. The goal was announced at the inaugural meeting of [...]

Hyundai Steel to Showcase Miniature Model of Its Planned U.S. Electric Arc Furnace Plant

Hyundai Steel to Showcase Miniature Model of Its Planned U.S. Electric Arc Furnace Plant

SEOUL, Dec. 1 (Korea Bizwire) — Hyundai Steel Co., South Korea’s second-largest steelmaker, said Monday it will unveil a miniature model of its planned electric arc furnace (EAF) steel mill in the United States at a hydrogen exhibition this week. The model will be displayed at the Hyundai Motor Group booth during the World Hydrogen [...]

Hyundai Motor Group to Launch Korea’s First Vehicle-to-Grid Service on Jeju Island

Hyundai Motor Group to Launch Korea’s First Vehicle-to-Grid Service on Jeju Island

SEOUL, Nov. 28 (Korea Bizwire) — Hyundai Motor Group will roll out South Korea’s first vehicle-to-grid (V2G) pilot service next month on Jeju Island, enabling electric vehicles to function as energy resources by sending stored electricity back to the grid, the company announced Friday. The pilot project stems from a partnership Hyundai signed in September with [...]

Scientists Develop Faster, More Durable Fuel Cell Catalyst Using CO-Based Method

Scientists Develop Faster, More Durable Fuel Cell Catalyst Using CO-Based Method

DAEJEON, Nov. 27 (Korea Bizwire) — South Korean scientists have developed a new method for producing fuel cell catalysts that dramatically cuts manufacturing time and improves durability, the Korea Institute of Energy Research (KIER) said Thursday. The technique replaces conventional copper-based coating methods with a carbon monoxide–assisted process that allows researchers to form precise metal thin [...]

Lotte Chemical and HD Hyundai Chemical Advance First Major Petrochemical Restructuring Plan

Lotte Chemical and HD Hyundai Chemical Advance First Major Petrochemical Restructuring Plan

SEOUL, Nov. 26 (Korea Bizwire) — Lotte Chemical Corp. and HD Hyundai Chemical said Wednesday they have finalized a restructuring plan to reduce the capacity of naphtha cracking centers (NCCs) in an industrial complex in the central region as part of nationwide efforts to reform the petrochemical industry. The companies said in regulatory filings that [...]

Government Labels Gwangyang a Crisis Area Amid Steel Industry Strain

Government Labels Gwangyang a Crisis Area Amid Steel Industry Strain

SEOUL, Nov. 20 (Korea Bizwire) – The government on Thursday designated the southern industrial city of Gwangyang as a special crisis-response zone, as its steel-dependent economy faces mounting strain from global oversupply and intensifying trade protectionism, the industry ministry said. Gwangyang, about 350 kilometers south of Seoul, was chosen because the steel sector accounts for [...]