Last week, Sean Park, CEO of Energy X, presented the future platform technology for clean disruption at the ‘7th Korea Green Innovation Days (KGID)’ event hosted by the World Bank’s Korea Green Growth Trust Fund and the Ministry of Economy and Finance.
Since 2014, KGID has invited hundreds of experts from the World Bank and other major intergovernmental organizations to discuss sustainable green growth and climate change every year, and is celebrating the 7th event this year.
The event, which began with an opening remark by Juergen Voegele, Vice President of the World Bank’s Sustainable Development Group, and a welcoming speech by Yoon Tae-sik, International Economic Officer of the Korea Ministry of Strategy and Finance, presented the future and direction of post-COVID green growth.
Richard Damania, Chief Economist at the World Bank’s Sustainable Development Bureau, said in a keynote address, “The World Bank Group and Korea’s post-COVID recovery strategy will lead to sustainable green growth.”
The session started with a speech by the World Bank’s Lead Energy Specialist, Chandrasekar Govindarajalu, on energy transition. Sean Park, CEO of Energy X, stated in the following presentation, “the data-based artificial intelligence technology that Energy X is developing will be the core of the future clean energy disruption.”
Park suggested that energy consumption patterns will be optimized, and renewable energy produced by individuals will be self-stored, consumed, and managed in the individual level. In addition, Park presented an integrated business model of energy production, financing, and consumption in which individuals can directly produce, trade, invest, and consume clean energy.
So far, South Korea’s response to climate change has mostly been led by the state. Subsidies and regulations were the obvious reason for the market to grow. This, however, is changing with Energy X that has simplified the excessively complicated procedures of the existing renewable energy market via an AI-based online platform. With complicated procedures from development and installations to financing and maintenance all simplified online, the renewable energy market is no longer hard to approach, and anyone can now participate in the clean disruption.
“The Energy X platform is a transparent and reliable solution to clean energy, and I’m hoping that both the public and private sectors will utilize this platform for clean growth” said Chandrasekar Govindarajalu, Lead Energy Specialist at the World Bank.
Energy X is an AI-driven Social Energy Platform company that encompasses both the latest IT technology and fintech to create the momentum for the energy disruption. By creating a completely new way of producing, financing, and consuming clean energy, the platform allows anyone to conveniently become a ‘prosumer’. With registered projects valued at $715.6mn, Energy X is changing the clean energy landscape in Korea.