"technology And Innovation In Australian Travel Insurance Services"
"technology And Innovation In Australian Travel Insurance Services" - South Korea's trade relationship with Australia is one of the most complementary in the world. Seoul is an exporter of high-tech manufactured goods - semiconductors, cars and electronics - and is almost entirely dependent on energy imports. Australia, on the other hand, is an importer of South Korean manufactured products and a major supplier of energy (mainly coal) to South Korea.
This dynamic has changed over the past six years. In the former administration of Moon Jae-in, South Korea made it clear that it intended to reduce the use of fossil fuels and nuclear energy while increasing the use of renewable energy sources. The government committed itself to the target of 20 percent of renewable energy generation by 2030, 35 percent by 2040 and net zero by 2050.
"technology And Innovation In Australian Travel Insurance Services"
In pursuit of 'Green Growth', a national strategy to create a sustainable growth engine, Seoul sees the 'right energy mix' as an opportunity to build the green industry of the future. But in July 2022, South Korean President Yoon Suk-yeol officially reversed the Moon government's goal of limiting nuclear energy to 10.1 percent of the energy mix by 2034.
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Yoon then reinstated the export of nuclear power reactors as a national growth industry, seeking to increase the share of South Korea's nuclear power generation from 27.1 percent in 2021 to 30 percent by 2030. But to what extent the current government will fully realize its nuclear energy ambitions is far from clear. given various geostrategic considerations - not least the rise of China as a green technology leader - and domestic political challenges.
Yoon will also have to honor the previous government's commitment to carbon neutrality by 2050, codified into law in March 2022 through the 'Carbon Neutrality Act'. The new government has reaffirmed South Korea's appetite for a 'hydrogen economy' - a fuel that could help achieve decarbonisation goals if developed using renewable fuels instead of fossil fuels.
Seoul's net-zero emissions target will effectively shut down some of Australia's fossil fuel exports, particularly coal, in the medium term. Australian-sourced liquefied natural gas will increasingly be used as a 'bridging fuel' in the transition to a more energy-intensive future. It gives Australia a huge opportunity to supply green hydrogen to South Korea and for the two countries to work together in the development and commercialization of renewable technologies.
There has been an explosion of bilateral initiatives between South Korea and Australia over the past three years. Things started in August 2020 with the signing of a memorandum of understanding between Hyundai Motor Company, Commonwealth Scientific and Industrial Research Organization (CSIRO) and Fortescue Metals Group to develop green hydrogen production technology.
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Another memorandum was signed by Australia's Origin Energy and South Korea's POSCO in May 2021 to test green hydrogen in steel manufacturing. In November 2021, the Australian Renewable Energy Agency announced its decision to fund Ark Energy, a subsidiary of Korea Zinc, to deploy green hydrogen storage and refueling infrastructure. The project supplies green hydrogen to five 140-ton fuel cell electric vehicle trucks at a zinc refinery operated by its sister company, Sun Metals.
While this cooperative project holds great promise for ushering in a new era of South Korean and Australian energy cooperation, Seoul could provide Australian government agencies and industry with more certainty about their long-term energy policy. It doesn't help that South Korea's single five-year presidential term limit can sometimes dramatically influence the direction of national policy in certain regions and sectors.
South Korean corporate players need to be more focused on concrete results like their Japanese competitors. Kawasaki Heavy Industries pioneered the world's first successful commercial transportation of liquid hydrogen between Japan and Australia in January 2022.
On the Australian side, the federal government could help invest in green industries through a stronger focus on 'picking winners' and moving away from the 'technology neutral' approach championed by the Morrison government. Such thinking is evident in Australia's National Hydrogen Strategy 2019 and Technology Investment Roadmap 2020, which target green projects such as renewable hydrogen and so-called 'cleaner fossil fuels' such as coal and gas-derived hydrogen.
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Without a strategy to move away from fossil fuel projects, the Australian government's technology neutral approach diverts resources from green industries, resulting in an increasingly narrow lead in hydrogen. This approach could compromise the long-term cooperation of South Korean customers who are eager to find a solution to eliminate their industrial sector.
How long Australia can sustain its lead in green hydrogen will also depend on Canberra's ability to encourage cooperation between large industry players, small companies and state institutions. Australia can learn lessons from South Korean partners such as H2Korea, a state-backed public-private entity responsible for managing hydrogen technology development initiatives, exports and bilateral cooperation with foreign governments and industry players.
The success of H2Korea in developing advanced links between private companies and government agencies across the industrial value chain affirms the importance of creating a hybridised industrial ecosystem to drive the growth of high technology industries such as green energy. But there is no comparable body in Australia's innovation and manufacturing landscape.
While much has been achieved so far, Seoul and Canberra must work faster and smarter to capture the full potential of the new era of energy cooperation. McClure of Airbnb. Photo: Bloomberg via Getty Images
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At the turn of the century, planning a vacation may have required a visit to a local travel agent. Or for the more adventurous traveler use a good guidebook, relying on trusted word-of-mouth recommendations to set their travel agenda. Today, thanks to breakthroughs in technology and high-speed internet, travelers can book their flights and hotels online, choose to stay in a stranger's house, and instead of entering an unfamiliar restaurant with trepidation, look for online reviews on their mobile phone while connected to the hotel's Wi-Fi Fi.
"Digitalization has given us options in a big way," says Tamara Lohan, founder and chief technology officer at boutique hotel website Mr & Mrs Smith. "More people are traveling than ever before, and companies like Airbnb are encouraging young people to explore faster, and in a cheaper way. Technology has also given us more information about the places we're going than ever before. Want to know if there are artisan chocolatiers close to your hotel in Amsterdam? Well, now you can - in seconds."
In the digital age, we have become a generation of DIY travelers who plan, organize and book travel online. So what does this mean for businesses in the travel industry?
For travel agents, the rise of digital has disrupted the industry. "Traditional travel distribution where high-street travel agencies played a dominant role is being replaced by online travel agencies and direct distribution through airline and hotel websites playing a key role," explains Angelo Rossini, contributing analyst at Euromonitor International.
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"Low-cost carriers and online travel agencies have been the clear winners of the online travel revolution over the past 15 years, changing the way consumers now plan and book their trips. Tour operators are experiencing the resurgence of independent travel and are now embracing online and mobile channels to stay competitive," he said. Rossini.
While the internet killed many road travel agents, others were forced to adapt to a drastically changing market, and many embraced the internet by introducing online booking.
"As part of our omnichannel strategy, Thomas Cook has seen the need to ensure our customers can be served in a seamless way in any channel they want - online via mobile, tablet, desktop or offline in store or by phone," said the head of the group its digital operations, Graham Cook The company has stepped up its digital innovation lately, even introducing virtual reality experiences in select stores.
One of the biggest disruptions to the travel industry is of course Airbnb, which has spurred the launch of similar online companies such as One Fine Stay. Thanks to the rise of sharing-economy companies like us it is easier to book a room in a stranger's house, with 9% of UK and US travelers have rented space in a private house or apartment.
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"The digital revolution has affected almost everything in the world as we know it," said James McClure, country manager for the UK and Ireland at Airbnb. "In the case of Airbnb, technology has also brought the tradition to the mainstream. The concept of staying in people's homes while traveling is not new and has been around since the last century, but what technology can do is accelerate this to a global phenomenon that is fast and easily accessible.
Technology has also provided new opportunities for small businesses in the travel sector, allowing consumers worldwide to stumble upon say a B&B in Brighton or a luxury safari park in Kenya through online review sites, social media and their own business websites.
"We pivoted from a hotel guidebook to being an online travel agent just as the internet started to become a place where people could finally trust their credit cards," said Mr & Mrs Smith's Lohan. "In the entire first month it was online we did 10 bookings -
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