President Moon Jae-in salutes the Korean flag along with government officials, major conglomerate leaders and other dignitaries during a briefing session on Korea’s hydrogen energy vision and policy at Cheongna International City in the Incheon Free Economic Zone, Oct. 7. Courtesy of Cheong Wa Dae

President Moon Jae-in has been repeatedly demonstrating his commitment to helping Korea take a leading role in the hydrogen economy as the country was one of the signatories of the Paris Agreement that calls for a carbon neutral world by 2050.

The latest commitment was made on October 7 during a briefing on the government’s hydrogen energy vision and policy at Cheongna International City in the Incheon Free Economic Zone. The President identified hydrogen technology as a core area that the government is working on for the economy.

Calling the hydrogen economy “an irreversible trend that is directly impacting the future competitiveness of nations,” President Moon said that Korea will muster national resources and capabilities to lead a green transition successfully.

“The hydrogen economy that my Administration has prioritized is a key factor in the economy of the future,” he said. “After identifying the potential and infinite possibility of the hydrogen economy, my Administration did not hesitate to blaze a trail.”

The briefing was a follow-up regarding Korea’s hydrogen economy roadmap, which was announced in January 2019.

The roadmap envisions some 6.2 million hydrogen fuel cell electric vehicles on the road by 2040, and an increase in the production capacity of green hydrogen to some 5.26 million tons.

Accordingly, a new law promoting the hydrogen economy was enacted in February. It allows companies whose business portfolios cover the sector to receive state subsidies of up to 150 million won (approximately US$127,600).

According to the Ministry of Trade, Industry and Energy, Korea was the first in the world to establish such a law, designed specifically to support the development of the hydrogen economy ecosystem.

The government also came up with policy guidelines in R&D, infrastructure, hydrogen-powered cars and charging systems.

President Moon remarked that the global competition between countries and companies in the hydrogen energy sector will heat up and that the market size will grow to US$12 trillion by 2050.

He lauded Korea’s large business groups for “expanding investments and strengthening cooperation among businesses through the Hydrogen Alliance.”

The October 7 session was attended by the CEOs and executives of major conglomerates, such as Hyundai Motor, SK, POSCO, Hanwha, GS and Hyosung Heavy Industries.

They are all member companies of the 15-party “Hydrogen Alliance,” launched in September to boost the hydrogen industry.

Commenting on the alliance, President Moon said that he looks forward to businesses seeking cooperation as well as strengthening their competitiveness.

“Possessing the best ability in the world to innovate, the Republic of Korea will be able to emerge as a proud, key player in this new energy sector. We can fulfill our ambitious dream of becoming a hydrogen leader, an energy powerhouse.”

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