Acting Prime Minister Kim Min-seok emphasized that "extraordinary situations require extraordinary measures" regarding the energy crisis triggered by the Middle East situation.
"I hope that countries can enhance the predictability of energy markets by systematizing and institutionalizing international cooperation, sharing information on energy supply chains, and coordinating policies," Kim said at the Asia Zero Emission Community Plus (AZEC+) online summit on Wednesday.
Kim also stressed the importance of "communication among countries on energy supply and demand, stockpile policies, and transportation for stable procurement of petroleum products," adding that "energy transition must be achieved as a fundamental response to the crisis."
"I hope that countries in the region will work together to reduce dependence on fossil fuels and increase the share of renewable energy," he added.
At the meeting, Kim introduced that the Korean government has launched an Emergency Economic Headquarters, headed by the acting prime minister, to respond to the Middle East situation with full force, including the introduction of a petroleum price cap system.
The Prime Minister's Office said participants expressed concerns about the global energy supply chain crisis and agreed to strengthen the framework for policy coordination among countries and accelerate the transition to clean and safe energy.
The Asia Zero Emission Community is a consultative body formed by 11 countries including Japan, Australia, and ASEAN member states for decarbonization cooperation. Korea, India, Bangladesh, Sri Lanka, and Timor-Leste participated in this meeting as invited countries.
