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EU, South Korea, agree to cooperate on batteries, raw materials


Could 25, 2023: South Korea and the EU conform to cooperate on battery improvement and provide of uncooked supplies beneath a ‘inexperienced partnership’ launched on Could 22.

Journal of Vitality Storage reported in April that Korea had launched a multibillion greenback program to defend and increase its battery trade, amid fears that profitable US tax breaks and incentives would tip the worldwide battery commerce stability stateside.

The inexperienced partnership was agreed at a gathering in Seoul, whereas talks additionally started on Korea’s participation within the EU’s prestigious Horizon Europe R&D program to develop clear power applied sciences.

The transfer got here after Korea and Canada signed a memorandum of understanding on Could 17 to cooperate on crucial mineral provides for the clear power sector.

A day later, Korea’s vice minister of commerce, trade and power Jang Younger-jin spoke along with his Malaysian counterpart, Liew Chin Tong, to debate help for Korean firms investing in batteries. and recycling in Malaysia.

Korea says Malaysia is wealthy in pure sources and is a crucial participant within the “international worth chain” in sectors equivalent to power and minerals.

In March, EU leaders and battery trade chiefs agreed to increase funding to assist gigafactory initiatives and pace up approval processes, amid fears that traders shall be lured away from Europe by giant revenue tax breaks and incentives within the US and Asia.

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