Amid Chinese dominance in the sector, South Korean and British ministers have signed a statement for developing nuclear energy.

The government of the UK has inked a cooperation agreement with South Korea for the development of nuclear energy.

Dr Lee Chang-Yang, minister for trade, industry, and energy in South Korea, and Grant Shapps, minister for energy security in the UK, signed a joint statement of cooperation. The two governments agreed to develop nuclear energy as a “secure, clean energy source.

Shapps stated regarding the agreement, “I want the Republic of Korea to work ever more closely with us in the United Kingdom, capitalising on world-leading British expertise to move further towards greater use of renewables, of investment opportunities in the United Kingdom, and to redouble our efforts against Putin’s weaponisation of our global energy sources.”

The decision coincides with the UK’s promotion of nuclear development, including constructing small modular reactors. 

By 2050, the British government intends to generate 25% of the nation’s energy from nuclear sources.

China has played an essential role in the UK’s nuclear industry, but the British government is attempting to reduce its influence. The UK government will now fund its £843 million share, which France’s EDF will match. China still owns a portion of the Hinkley Point C facility in the south of the United Kingdom.

China has the third-highest installed nuclear capacity globally, and since 2017, 87% of newly constructed nuclear power plants have been Russian or Chinese.

Increasing renewable energy production

Additionally, the United Kingdom and South Korea agreed to collaborate on expanding renewable energy capacity, such as offshore wind.

Shapps stated, “As we approach the tipping point where holding on to coal and gas power no longer makes sense, let alone environmental sense, there are ever-increasing opportunities for British and Korean companies to collaborate for the mutual benefit of both nations and our communities.”

The British government asserts that nuclear and renewable energy advancements will reduce Russian influence by promoting energy security.

By 2030, Korea aims to generate 12 GW from offshore wind. British firms account for 60% of offshore wind engineering initiatives in the country. The United Kingdom has 14GW of offshore wind capacity and intends to produce 50GW by 2030.