Park Jae-hyuk is a seasoned journalist who has provided comprehensive coverage of South Korea's corporate dynamics, economic policies, industry challenges and the global positioning of Korean companies. Based on the articles he has written since joining The Korea Times in 2016, his investigative approach has helped readers understand corporate governance, economic trends and business strategies shaping South Korea’s economy.
Hyundai Motor leads way to hydrogen economy
Hyundai Motor Group Executive Vice Chairman Chung Eui-sun speaks at a panel discussion on a zero-emission society, which was held at Capella Singapore, Nov. 6, on the sidelines of the Bloomberg New Economy Forum. / Courtesy of Hyundai Motor Group
By Park Jae-hyuk
By Park Jae-hyuk
Hyundai Motor Group has named hydrogen energy as a key to global sustainable growth, the automotive group said Sunday.
During a panel discussion it hosted Nov. 6 with prominent figures from around the world, on the sidelines of the Bloomberg New Economy Forum in Singapore, Hyundai talked about ways to create a zero-emission society.
The company said it held the debate to consolidate its leadership in fuel-cell electric vehicles (FCEV) and to pave the road to a hydrogen economy.
According to the automaker, global leaders shared their insights about alternative energy sources during the debate.
“Recently, the United Nations released yet another report calling for quick action to reduce CO2 emissions. The report warns us that we must decrease global greenhouse gas emissions to 45 percent below 2010 levels by 2030, in order to avoid a catastrophe,” Hyundai Motor Group Executive Vice Chairman Chung Eui-sun said in his greeting speech to 30 audience members, including scholars and heads of global enterprises.
“I sincerely believe, without any shadow of doubt, that hydrogen has a place as a central pillar in the transition to clean energy. Hyundai Motor's first target may be the transport sector. But our commitments go beyond transport, and we will make sure to send out the message that hydrogen can deliver economically viable, financially attractive and socially beneficial solutions.”
The debate was moderated by Royal Economic Society President Nicholas Stern.
Hyundai's head of fuel-cell research Kim Sae-hoon, Macquarie Group Asia CEO Ben Way and FutureMap founder Parag Khanna participated in the panel discussion.
They talked about the outlook for futuristic energy sources, the necessity of a zero-emission society, ways to create a zero-emission society and the role of hydrogen in energy transition.
Way urged policymakers to come up with a consistent policy for an ongoing inflow of capital into the industries related to renewable energy, because investors had remained reluctant to spend money on traditional carbon-emitting industries.
Khanna called for more government investment in construction of eco-friendly infrastructure, saying he expected the development of a sharing economy and renewable energy would improve the productivity of cities.
Kim said hydrogen was the best renewable energy source in terms of storage and distribution.
The executive, who emphasized that hydrogen and electricity were the only two pollution-free power sources for vehicles, also said Hyundai Motor Group would develop relevant technologies.
Since it unveiled the NEXO fuel-cell electric SUV at the Consumer Electronics Show in Las Vegas in January, Hyundai Motor Group has formed partnerships with global enterprises related to hydrogen energy. Those who have joined Hyundai for a hydrogen economy include Audi, H2Energy, Air Liquide and Engie.