P4G Signs MOU with Korea Institute for Advancement of Technology

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On May 19, P4G signed a Memorandum of Understanding with the Korea Institute for Advancement of Technology (KIAT) to develop renewable energy solutions to achieve net zero. The partnership will focus on accelerating market-based solutions that can progress an energy transition in developing countries.

The initial work will concentrate on identifying and developing solutions in microgrids, energy storage systems, electric mobility sharing stations and offshore wind projects in P4G partner countries such as Colombia, Ethiopia, Indonesia and Vietnam.

President of KIAT Yeong Cheol Seok kicked off the signing ceremony by sharing KIAT’s current efforts that have expanded to support renewable energy projects across 26 countries. He noted how Korea, through its Green New Deal, will increase its Official Development Assistance (ODA) projects to shares its technology with developing countries. He hoped this partnership with P4G that combines the best of both platforms – KIAT’s expertise in building the infrastructure for change and P4G’s expertise on developing the commercial viability of a model – will serve as an example for international cooperation.

P4G Global Director Ian de Cruz followed by remarking that the partnership serves as a necessary first step to provide market-based solutions in developing countries and mobilizing investments to scale and replicate them. He offered access to P4G’s partnership pipeline and highlighted the platform’s engaged global network as facilitating opportunities for KIAT to collaborate with countries like Denmark, Chile and the Netherlands to decarbonize energy systems. He urged a similar level of engagement from KIAT with a request for them to bring “the best of your solutions, pipeline of partnerships, investment and coalitions” to P4G.

Event speakers such as Director General of KIAT Seong Ryong Kang presented practical examples of some of the projects KIAT has scaled including a microgrid in Ethiopia that provided energy access to 484 households and a regulation system in Senegal to address the instability caused by renewable energy sources. P4G Director of Partnerships

Robyn McGuckin shared P4G’s strong impact model that translates high-level political commitment into private sector investment. Calling P4G a “doer on the ground” she spoke about P4G’s intensive co-creation process and partnership journey focused on delivering impact on the ground to change people’s lives. She also highlighted the importance of P4G partnerships aligning with a country’s economic and climate agenda, so all solutions are developed and accelerated on the country’s terms.

From co-creating a partnership, demonstrating its business case and investing to scale and replicate it, Director of KIAT Jae Min Lee laid out how the collaboration would work. He shared the exciting possibilities presented by P4G countries to deliver change. These include the solar and wind energy prospects (2,200 MW) of Colombia; the renewable energy generation potential of Indonesia (424 GW); and the offshore wind power potential of Vietnam (513 GW).

As de Cruz put it, “It is through this strategic partnership that we can achieve a net zero future for all.”