Korea H2 Business Summit: Building a Strong Hydrogen Ecosystem with Chung Eui-sun and Major Heads of State

Korea H2 Business Summit held after 2 years
Chung Eui-sun and other heads of state are united in building a hydrogen ecosystem

The heads of major groups came together at the ‘Korea H2 Business Summit’ to revitalize the hydrogen energy industry.. He also suggested finding opportunities to secure global technologies and strengthening investment cooperation so that Korea can grow into a powerhouse in the hydrogen industry.

At the second general meeting of the H2 Summit held at the Grand Hyatt Hotel in Yongsan-gu, Seoul on the 14th, Mr. SK Group Senior Vice Chairman Choi Jae-wonincluding Chung Eui-sun, chairman of Hyundai Motor Group, Choi Jeong-woo, chairman of POSCO Group, Son Young-chang, CEO of Hanwha Power Systems Holdings, Huh Se-hong, CEO of GS Caltex, Chung Ki-sun, president of HD Hyundai Top executives from 17 member companies attended. The Korea H2 Summit held its first general meeting in 2021 as a hydrogen-related private consultative body to spread the hydrogen economy and strengthen corporate competitiveness.

Member companies shared the achievements of the hydrogen business and suggested that they work together to create synergies in the areas of policy, business, and investment in the future. Senior Vice Chairman Choi Jae-won emphasized, “Hydrogen is an essential energy source to eliminate carbon, and we must lead by example and increase infrastructure by investing.” We are pursuing the business in the medium to long term,” he said.

At this general meeting for the creation of a domestic hydrogen ecosystem It contains contents that will actively support business promotion and investment will. Declaration of ‘Summit Initiative for Leading the Global Hydrogen Economy’this has been done member companies Efforts are made to achieve at least 10% of the total reduction in carbon emissions by 2030 and at least 25% of the total reduction by 2050 through hydrogenand in the government The content calls for support for creating demand for hydrogen and resolving supply uncertainty.

Cho Hyun-sang, vice chairman of Hyosung, emphasized the need for various policy supports to increase demand, saying, “The future of the hydrogen industry is uncertain if systems or policies are not supported.”

Intensive fostering of the hydrogen industry to take the lead in the future climate change industry

Domestic Major Companies, Hydrogen Business Fostering Strategies

Major companies are already actively using the hydrogen industry as a means to achieve carbon neutrality and take the lead in the future climate change industry.

SK Group is investing a total of 18.5 trillion won to implement a strategy to build a ‘hydrogen value chain’ from hydrogen production to distribution and consumption. Within this year, a liquefied hydrogen plant with an annual capacity of 30,000 tons will be completed at the SK Incheon Petrochemical Complex in Seo-gu, Incheon, and by 2026, 250,000 tons of clean hydrogen that eliminates carbon dioxide will be produced annually near the liquefied natural gas (LNG) terminal in Boryeong, South Chungcheong Province. plan to set up a system. It is also seeking to expand its business to Asian markets such as China and Vietnam through SK E&S, the group’s gas and power affiliate.

Hyundai Motor Group, the world’s No. 1 seller of hydrogen vehicles, will unveil its hydrogen tractor in North America this year and release a follow-up model of the hydrogen electric vehicle Nexo in 2025. It operated its own hydrogen fuel cell power generation system on the site of Korea East-West Power in Nam-gu, Ulsan, and built its first overseas production facility in Guangzhou, China.

POSCO Group plans to establish a hydrogen production system of 7 million tons by 2050 to achieve the goal of decarbonization and green steel, and stably supply 5 million tons of hydrogen needed for steel and power generation within the group. In addition, the goal is to achieve zero carbon dioxide emissions through the development of hydrogen reduction steelmaking technology that makes iron using hydrogen instead of fossil fuel.

Hanwha is implementing a plan to mass-produce green hydrogen by linking renewable energy produced by solar power generation with water electrolysis technology in the chemical sector by 2030, and Lotte is also planning to produce 1.2 million tons of hydrogen with ammonia decomposition technology during the same period. plan. HD Hyundai is building a platform to produce offshore hydrogen until 7 years later. Doosan and Hyosung are also about to operate liquefied hydrogen plants in Changwon and Ulsan, Gyeongnam, respectively.

Gwankyu Park reporter [email protected]