Kim Hyun-bin began his journalism career at Arirang TV from 2012 to 2017, specializing in defense, foreign affairs and the economy. In 2018, he joined The Korea Times, covering society and business, and is currently responsible for embassy affairs.
Global hydrogen industry to become highly competitive
A hydrogen bus in operation in Jongno, Seoul, Tuesday. / Yonhap
By Kim Hyun-bin
By Kim Hyun-bin
Many countries have been pledging to aim for carbon neutrality as a key environmental strategy and among efforts they are making to achieve this the use of hydrogen as a renewable resource for energy and transportation. Some industry watchers are pointing out that Korea needs to form “hydrogen alliances” with such countries in order to enhance its competitiveness.
According to a Korea Automotive Technology Institute (KATECH) industry trend report, demand for clean and renewable energy in the future will continue to increase, and that for hydrogen is expected to surge tenfold by 2050.
Last January, the government unveiled a roadmap to create a hydrogen economy aiming to create 43 trillion won in added value and 420,000 new jobs, and reduce carbon dioxide emissions by 27.2 million tons by 2040.
Other leading countries have also announced carbon neutrality measures including investing in establishing a hydrogen economy.
President-elect Joe Biden's key pledge is for the U.S. to become carbon neutral by 2050, and the use of hydrogen is expected to be one measure adopted to achieve this. Germany also announced plans to be carbon neutral by 2050 and is set to invest 90 billion euros into efforts to achieve this.
After the Fukushima nuclear disaster in 2011, Japan has been working to enhance renewable energy sources that could replace nuclear power. China aims to become carbon neutral by 2060 and has been investing in the hydrogen sector.
Korea aims to become a leading power in the hydrogen industry with the help of its hydrogen electric vehicles and leading fuel cell technologies.
The country aims to supply 2.9 million private and 70,000 commercial hydro-electric vehicles by 2040 as well as establishing 1,200 hydrogen filling stations, produce eight gigawatts (GW) of fuel cells solely for power generation and expand the annual hydrogen supply to 5.26 million tons.
However, Korea's lack of technology and natural resources is considered a weakness compared to other countries.
According to the report, the country's hydrogen production, storage, transportation and charging is at around 60 percent to 70 percent compared to other leading countries investing in the technology.
“To establish a competitive hydrogen industry we need to form hydrogen alliances through international cooperation,” Yoo Yong-ho, a senior researcher at KATECH said.
Industry watchers believe Korea needs to conduct R&D projects with leading countries through international cooperation to secure global competitiveness and to establish a stable hydrogen supply network.
“It is important to establish a hydrogen international cooperation consultative groups consisting of central and local governments, and private companies to strengthen their one voice and better counter future difficulties,” Yoo said.