Archived Webinar

Innovation Policy in the Post-COVID World Webinar Series: Greening The Industrial Sector - The What and The How

"Understanding the dynamics of energy efficiency technology adoption in the industrial sector and the effectiveness of the policy instruments and strategies in achieving it.”

The International Energy Agency (IEA) considers energy efficiency to be the ‘first fuel’ as it is ‘still the cleanest and cheapest way to meet our energy needs. Innovation in better and more energy-efficient green technology has paved the way for driving down energy costs as well as the reliance on energy itself. More efficient energy systems and processes for energy and carbon-intensive industries have emerged but are yet to be widely deployed, especially in emerging economies. Digital solutions for monitoring and reducing consumption have enabled users to monitor consumption and reduce consumption. However, the adoption of such technologies has not necessarily followed swiftly despite government initiatives and incentives. Why? What are the inducement effects of energy pricing on the adoption of greener and more efficient technologies in the industrial sector? 

In Korea, a major energy consumer, the high reliance on imported fuel has been the motivation for Korea’s longstanding policies on improving energy efficiency and minimizing energy consumption. While the contribution of the manufacturing sector toward GDP was maintained at about 25%, its proportion of CO2 emissions was smaller and has decreased over time. Korea’s manufacturing sector exhibited some of the highest carbon intensity levels in the world in 2005, it has sharply reduced carbon intensity from 0.311 to 0.192. Korea’s most recent Green New Deal includes initiatives on smart green industrial complexes – how effective are these comprehensive strategies and what role do they play in signaling to the market? 

The COVID-19 pandemic has exposed the vulnerability of the global economy to external shocks and renewed interest in the green agenda to mitigate and adapt the private sector to climate shocks. The objective of this webinar is to better understand the dynamics of energy efficiency technology adoption in the industrial sector and the effectiveness of the policy instruments and strategies in achieving it. The discussion addresses questions such as: What does “greening” the industrial sector means in practice and how to achieve it? What has been the evidence on the efficacy of policies targeting the adoption of EE solutions? Would a horizontal or a more sector-specific approach targeting more polluting sectors lead to greater emission reduction? What policy experiences are most relevant and replicable in an emerging country context? 

Related readings:

About the Presenters

Lucy Qiu

Associate Professor, School of Public Policy, University of Maryland

Jiyong Eom

Associate Professor, College of Business, Korea Advanced Institute of Science and Technology (KAIST)

Somik V. Lall

Lead Economist, Office of the Chief Economist for Equitable Growth, Finance and Institutions, World Bank Group

Questions Submitted

Ki

- Jun 26, 2022
good

jose luis

- Jun 24, 2022
muy bueno
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