A panel of industry insiders and observers sat down for a reality check on where the world stand in the renewable energy transition, during the H.eco Forum 2024 held in Seoul on Wednesday.

Under the title “Blue, Clean and Green Energy,” the panel discussion centered around some notable industrial developments in the field, ranging from offshore wind, solar radiation and small modular nuclear reactors, sharing their insights with attentive participants in the audience.

The four panelists were McKinsey & Company’s partner Kim Gi-hong, Orsted’s APAC operations head Andreas Munk-Janson, Hanwha Solution’s business supporting team manager Jeong Gyu-chang and nuclear energy expert and Chung-Ang University professor Jerng Dong-wook.

Kim, who served as the moderator, opened the talk, explaining scenarios of future energy consumption patterns, categorizing each pattern by how successful the world would be in complying to their pledges in energy transition.

Kim then predicted that global reliance on electricity and hydrogen will increase as the reliance on fossil fuels decreases if nations successfully meet their pledged goals. Demand for renewable energy resources will inevitably grow.

Munk-Janson from Danish energy company Orsted shared the company’s offshore wind power project in Taiwan and talked about the company’s goal of bringing their experience of successfully operating offshore power farms in Europe to Asia.

“We did that because we didn't just want to show off what we were capable of … (but to show that we could bring) some European experience to Asia and show how we can build and operate a big farm,” Munk-Janson said.

Jeong from Hanwha Solution shared the current issues surrounding solar energy that the South Korean solar panel manufacturer faces.

“Not only for net-zero, renewable energy is getting a renewed focus in terms of energy security, since the war between Russia and Ukraine broke out in 2022. Among others, solar energy emerged as a reliable option in renewable transition,” Jeong said.

Prof. Jerng spoke about the merits of small modular nuclear reactors.

“There is no choice but to rely on nuclear power to some extent, as the world is seeking energy transition in response to climate change,” said the former head of Korea Nuclear Society.