S. Korea, Australia to expand 'green growth' cooperation

SEOUL, Oct. 24 (Yonhap) -- South Korea and Australia will seek greater
cooperation in the "green growth" industries that can help both countries achieve
sustainable growth, the government said Sunday.
The Ministry of Strategy and Finance said senior government policymakers and
business executives agreed during the day-long Korea-Australia Business Dialogue
in Seoul that they will seek closer tie-ups in clean renewable energy and
resources development sectors.
The two sides agreed to allow greater South Korean participation in Australia's
liquefied natural gas areas and develop joint projects in the latest carbon
capture and storage (CCS) and smart grid technologies that can reduce energy
consumption.
Australia is a global leader in the CSS area that can help reduce greenhouse
gases released into the atmosphere, while South Korea is in the forefront of the
smart grid development plan. Smart grids can allow more eco-friendly power, like
solar and wind power, to be incorporated into the main power grid and can reduce
overall electricity use.
The two countries, close to sealing a free trade agreement, also agreed to work
together in the financial services field and jointly promote economic
liberalization.
The gathering, meanwhile, was attended by South Korea's Finance Minister Yoon
Jeung-hyun and his Australian counterpart, Wayne Swan, along with heads of large
companies, such as KB Financial Group, STX Energy, BHP Billiton and Woodside.
yonngong@yna.co.kr
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