Green Technology Center and LG Electronics sign MOU for diffusion of domestic energy technology in developing countries

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Green Technology Center and LG Electronics sign MOU for diffusion of domestic energy technology in developing countries

Create Date : 2016-04-28 Views : 1272

- plans to conduct cooperative research for diffusion of domestic energy-efficiency technology in developing countries
- plans to suggest policy, finance and technologies for climate change and greenhouse gas reduction

The Green Technology Center (GTC) and LG Electronics Inc. made strides towards successful advanced management of domestic energy-efficiency technologies in developing countries to occupy the global energy market.

The GTC and LG Electronics Inc. signed a "Cooperative Research Memorandum of Understanding for the proliferation of domestic energy-efficiency technology in developing countries" on April 28 at the International Financial Center (IFC) in Seoul, in a ceremony attended by the GTC President Changmo Sung and LG President and Head of its Energy Business Center and B2B Office, Lee Sang-bong.

LG Electronics possesses innovative renewable energy technology, while the GTC has competencies in establishing international cooperative relationships, and affiliation with the Green Climate Fund (GCF) through a study of the United Nations Framework Convention on Climate Change (UNFCCC) technology and finance mechanisms. The purpose of the MOU is to occupy a place in the global energy market by securing business to establish a foundation for "sustainable development" in developing countries Post-2020.

Through this MOU, both sides are proceeding with a cooperative study on the proliferation of domestic energy-efficiency technology in developing countries, as well as proposals for climate change policy, finance and technology and for greenhouse gas reduction.

The first developing country to participate is the Kingdom of Bhutan, which is located in the southern Himalayas. The GTC and LG Electronics are cooperating to develop a business model for proliferating electric vehicle infrastructure and a next generation intelligent power grid, known as a microgrid, in Bhutan.

Bhutan places utmost value on the natural environment and is also interested in generating clean energy and supplying electric vehicles. Efficient generation, storage, and use of energy is very important for Bhutan as the country exports a great proportion of the hydropower electricity it generates from Himalayan waterfalls. Furthermore, Bhutan is actively seeking to supply electric vehicles as generating electric power domestically is more economical than importing motor fuel from abroad.

LG President and Head of its Energy Business Center and B2B Office Lee Sang-bong said, “It is important to propose optimized technologies to developing countries depending on their economic level and on the status of their current possession of renewable energy technologies. It is time for LG Electronics to gain an advanced foothold in the global energy market by proposing country specific situation-optimized technologies, based on the capability of automobile parts and energy secured by LG Electronics.”

LG Electronics plans to initiate capacity development as an enterprise integration solution which has completed vertical systematization of energy technologies such as the production of renewable energy (solar energy), Energy Storage System (ESS), and Energy Management System (EMS).

GTC President Changmo Sung delivered a congratulatory address, saying: “The most crucial point when it comes to technical cooperation with developing countries is to make a substantive connection between technologies those countries actually need and practical projects. It is essential to make the best use of the financial mechanism Post-2020 for this point.”

The GTC anticipates successful realization of creative economic activities through this MOU, and the securing of a new growth engine to promote new energy industry by successfully diffusing domestic energy-efficiency technologies overseas.