Korea, IEA to deepen Asia energy security ties

A new energy security push by South Korea and the International Energy Agency will take on Asia’s heavy reliance on imported fossil fuels and surging electricity demand from AI and data centers.

The two sides signed a memorandum of understanding in Seoul on Thursday to strengthen the region’s energy supply chains and power systems against supply disruptions and climate-related disasters.

The Ministry of Climate, Energy and Environment and the IEA signed a memorandum of understanding in Seoul to advance the Resilient and Integrated Strategy for Energy Security in Asia, or RISE ASIA.

The initiative will cover conventional energy supplies and the transition to renewable energy, electrification, and more stable and resilient power grids, according to the ministry.

The agreement followed talks between President Lee Jae Myung and IEA Executive Director Fatih Birol earlier on Thursday. It also builds on Lee’s proposal at the G7 summit in June to strengthen the resilience of energy supply chains across the Asia-Pacific region.

“The recent situation in the Middle East represents a serious crisis for global energy security and, as after the oil shocks of the 1970s, is prompting countries to fundamentally reassess their energy strategies,” Birol said.

Climate Minister Kim Sung-whan said countries also needed power systems capable of absorbing sharp increases in electricity demand and disruptions caused by natural disasters.

“Through RISE ASIA, Korea will work to strengthen the resilience of Asia’s energy supply chains and lead efforts to build renewable energy-centered electrification and resilient power systems,” Kim said.