Gearing up for Hydrogen Economy
To boost the hydrogen industry, the Korean government has decided to nurture 1,000 companies specializing in hydrogen by 2040. The government will also seek to boost the number of hydrogen cars to 850,000 and that of hydrogen chargers to 660 units within the next 10 years.
These plans were approved at the inaugural meeting of the Hydrogen Economy Committee presided over by Prime Minister Chung Sye-kyun at the KINTEX in Ilsan near Seoul on July 1.
Chaired by the prime minister, the committee is a control tower that will establish the government’s policies related to the growth of the hydrogen economy. It consists of experts from eight related ministries including the Ministry of Trade, Industry and Energy, and the private sector including related industries and academia.
The government will foster 500 hydrogen-related companies by 2030 and 1,000 by 2040 in order to sharpen the competitiveness of the hydrogen industry's ecosystem. For this purpose, the government will provide intensive support for companies engaged in five key areas — hydrogen mobility, fuel cells, liquid hydrogen, hydrogen charging stations, and water electrolysis. It will also make local governments and public institutions purchase products of these companies preferentially. It will also establish a hydrogen economy fund worth 34 billion won to encourage various companies to participate in the hydrogen economy.
The government plans to expand the number of hydrogen cars and charging stations to 850,000 and 660, respectively, by 2030. It will expand the scope of hydrogen vehicles eligible for support to large cargo trucks and medium- and long-distance buses and increase subsidies for purchases. In addition, it plans to designate two of the five Phase 3 New Cities as hydrogen cities where apartments will use fuel cell electric power and hydrogen buses will carry passengers.
The government designated the Hydrogen Fusion Alliance Promotion Group as an organization in charge of the hydrogen industry, KOGAS as an organization dedicated to hydrogen distribution and Korea Gas Safety Corp. as a hydrogen safety agency. These agencies will foster professional personnel, establish standards, stabilize hydrogen prices and build a fair distribution systems, and set up safety standards on hydrogen products and facilities.