On October 7, the government announced the ‘Hydrogen Economy Performance and Vision for a Leading Hydrogen Nation’ in Incheon, which has established itself as a key hub for the hydrogen economy, including the construction of a next-generation fuel cell specialized complex and the largest liquefied hydrogen plant in Korea.
The event was attended by about 70 people, including President Moon Jae-in, the government, local governments, hydrogen industry companies, public companies, and related organizations. In particular, hydrogen economy-related companies such as hydrogen production, storage, transportation, and utilization joined forces to realize the dream of becoming a hydrogen-leading nation.
In his remarks, President Moon Jae-in said, “Hydrogen is a key energy in the carbon-neutral era, used in transportation, power generation, and industry, and plays an important role in storing and transporting the renewable energy produced. As the first democratic energy in history, Korea was a resource-poor country in the fossil fuel era and a country that relied on foreign countries for most of its energy.
He continued, “The hydrogen economy is still in its infancy, but the possibilities are endless, and the government will take the lead to support and support the challenges of companies.” We will vigorously open up the future of
Government Accelerates Realization of Hydrogen Economy
After the government announced the roadmap to revitalize the hydrogen economy in 2019, △enactment of the world’s first hydrogen law △preparation of policies in six areas including R&D, infrastructure, hydrogen vehicle, charging station, safety and standards △the establishment of the hydrogen economy committee has built
Based on this, it recorded three world championships for two consecutive years in the supply of hydrogen cars, hydrogen charging stations, and fuel cells. In addition, various hydrogen mobility such as trams, cargo/cleaning trucks, and forklifts are being demonstrated, and the hydrogen economy performance is becoming visible.
At the same time, the achievement of exporting new products such as hydrogen fuel cell systems for hydrogen trucks and vehicles and fuel cells for power generation was achieved, laying the foundation for the hydrogen industry to emerge as a promising export industry.
In response to the government’s unwavering will to support, private companies also announced an investment plan worth 43+a trillion won by 2030 in clean hydrogen production, liquid hydrogen production and distribution, hydrogen fuel cells, and expansion of hydrogen mobility.
However, despite these achievements, the construction of an ecosystem centered on hydrogen vehicles and fuel cells is at an early stage.
Proposed the vision of a hydrogen-leading nation in all areas including production, transportation, and utilization
In order to become ‘hydrogen, the first energy led by the Republic of Korea,’ the government will rapidly build a hydrogen ecosystem, such as △initiating domestic and overseas clean hydrogen production, △establishing tight infrastructure, and △reinforcing the ecosystem for using hydrogen in all aspects of daily life.
The hydrogen consumption will be increased from the current 220,000 tons to 3.9 million tons in 2030 and 27 million tons in 2050, and the clean hydrogen ratio will increase to 50% in 2030 and 100% in 2050.
In order to quickly transition to a hydrogen economy centered on clean hydrogen, domestic clean hydrogen production will begin in earnest through support for future demonstrations. Accelerate the production of green hydrogen in connection with renewable energy and expand the production of carbon dioxide-free blue hydrogen by securing domestic and foreign carbon storage. In addition, Korea will lead the way to build a global hydrogen supply network, and through this, increase the hydrogen self-sufficiency rate to strengthen energy security.
We will build a strong and seamless hydrogen infrastructure so that clean hydrogen can be used conveniently in various fields. By utilizing the strengths of ‘K-shipbuilding’, the company plans to commercialize ammonia-powered ships and liquid hydrogen carriers at an early stage and establish a hydrogen port to lay the foundation for smooth overseas hydrogen introduction.
It will build a nationwide charging network that hydrogen car users can use anytime and anywhere, build an economical and safer liquefied hydrogen infrastructure compared to gaseous hydrogen, and build hydrogen pipelines at major bases to activate a large-scale clean hydrogen distribution network.
Based on world-class technology, we are actively expanding the use of hydrogen in all our daily lives. By utilizing the best fuel cell technology, the current super-gap for hydrogen cars will be maintained, while the application will be expanded to various mobility areas such as trains, ships, UAMs, and construction machinery.
In addition to the current hydrogen fuel cell power generation, the company plans to dramatically reduce greenhouse gases by expanding hydrogen power generation such as hydrogen turbines (co-fired/fired) and coal/ammonia co-firing. Currently, the National Assembly is debating the amendment of the Hydrogen Act to introduce the mandatory clean hydrogen power generation (CHPS).
It plans to actively expand the use of hydrogen in industries such as steel, petrochemicals, and cement, and convert it into an eco-friendly industrial structure by realizing a carbon-neutral process.
Strengthen the competitiveness of the Korean hydrogen economy ecosystem through cooperation between companies and the government. The government subsidizes the large-scale investment planned by the private sector through various policy supports such as R&D, taxation, and finance. It plans to create 50,000 high-quality jobs by 2030 through the establishment of hydrogen specialized colleges and graduate schools and re-education for industry conversion, and establish a preemptive safety management system through priority demonstration using regulatory sandboxes.
In addition, based on the experience of the rapidly developing hydrogen economy, Korea will promote the ‘International Hydrogen Initiative’ to lead the global clean hydrogen economy.
The government plans to put the vision of a hydrogen-leading nation in the ‘Hydrogen Economy Implementation Basic Plan’ and finalize it through the 4th Hydrogen Economy Committee in November.
At the event, Samsung Engineering and GS Energy announced plans for clean hydrogen production and introduction, SK E&S announced plans for domestic blue hydrogen production, liquefied distribution, and core technology investment, and Korea Electric Power Corporation announced plans for fuel conversion to coal and gas power plants. · Distribution and utilization Representative companies in each field shared their commitment and vision for a new leap forward.
In addition, the ‘Clean Hydrogen Value Chain Five Projects (H2 STAR Project)’ were introduced, in which companies related to each value chain, such as overseas clean hydrogen development, transportation, storage, and utilization, unite to introduce clean hydrogen.
It plans to use overseas solar and wind power to produce energy with domestic renewable energy technology, produce hydrogen with domestic water electrolysis technology, and transport it to domestic power plants and industries.
It is expected to create added value such as renewable energy, shipbuilding, and power generation businesses related to all distribution chains such as hydrogen production and utilization, and to dominate the next-generation eco-friendly ship market.
In the specialized complex where the event was held, a new generation fuel cell production plant with an annual capacity of 100,000 units to be installed in new models of hydrogen vehicles scheduled to be released in 2030 will be built, and a hydrogen fuel cell research complex will also be built.
Through this, the production of fuel cells for vehicles will be secured in preparation for the launch of all types of hydrogen vehicles, and by 2023, Hyundai Mobis plans to invest 1.3 trillion won to create 1,500 new jobs.
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