Plans to Foster 30 Global Hydrogen Companies
The South Korean government announced on Oct. 7 that it would increase the domestic clean hydrogen production capacity to at least one million tons a year by 2030 and create at least 50,000 jobs in the industry by that year.
At present, the government is planning to increase the annual domestic use of hydrogen from 220,000 tons to 3.9 million tons by 2030 and 27 million tons by 2050. Clean hydrogen is scheduled to account for 50 percent and 100 percent of the use by those years, respectively.
The clean hydrogen production capacity will be increased to one million tons by 2030 and five million tons by 2050 to this end. In addition, the government will set up a global hydrogen supply chain led by South Korea and raise its clean hydrogen self-supply ratio to at least 50 percent by 2050. The government will help 30 companies in the industry become global leaders by providing various tax incentives and financial supports.
At the same time, it is going to help put into operation at least one ammonia-powered ship and at least one liquid hydrogen carrier by 2025 and 2031 so that improvements can be made on the hydrogen distribution side as well. Ports will be built in Ulsan, Busan and Gunsan so that hydrogen import can be facilitated. The number of domestic hydrogen charging stations will be increased from 70 to 660, 1,200 and 2,000 by 2030, 2040 and 2050, respectively. New undergraduate and graduate courses will be prepared regarding the job creation plan.
In addition, the prices of hydrogen vehicles are expected to be halved and their driving ranges are expected to be doubled by 2030. Hydrogen is expected to be used in more trains, ships and urban air mobility vehicles through technological expansion. Hydrogen-based power generation will be expanded as well while carbon-heavy industries such as steelmaking, petrochemical and cement manufacturing are encouraged to use more hydrogen in pursuit of carbon neutrality.