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Business leaders vow to achieve net-zero based on hydrogen economy
Hyundai Motor Group Executive Chair Chung Euisun, eight from left, poses with SK Group Senior Vice Chairman Chey Jae-won, ninth from left, POSCO Group Chairman Choi Jeong-woo, 10th from left, and other business group leaders during the Korea H2 Business Summit at Grand Hyatt Seoul, Wednesday. Yonhap
By Lee Kyung-min
By Lee Kyung-min
A hydrogen initiative consultative body comprising heads of local conglomerates agreed to rely on hydrogen to help achieve the nation's carbon emission reduction targets, according to industry officials. They said hydrogen will shoulder more than 10 percent of the carbon emissions reduction target by 2030 and more than 25 percent by 2050.
Also prioritized are fortifying global communication and cooperation channels to establish a global hydrogen platform that will identify various joint growth opportunities within the country and abroad.
The business leaders attended the Korea H2 Business Summit at the Grand Hyatt Seoul, Wednesday. The first summit was launched in 2021 as a platform for hydrogen industry players.
Attendees included Hyundai Motor Group Executive Chair Chung Euisun, SK Group Senior Vice Chairman Chey Jae-won and POSCO Group Chairman Choi Jeong-woo.
They stressed continued efforts to create synergy in government policies, business activities and investments, for the future progress of the summit.
Also shared were years of achievements concerning sustainable energy leaders, including joint growth initiatives.
Hyundai Motor Group Executive Chair Chung Euisun, second from right, and SK Group Senior Vice Chairman Chey Jae-won, second from left, attend the Korea H2 Business Summit at the Grand Hyatt Seoul, Wednesday. Yonhap
They agreed to make a collective recommendation to the government for the speedy outlining and implementation of energy and industrial policies that best reflect their needs.
They will create sub-bodies to advance consultations on key hydrogen issues to remove hurdles and resolve commonly shared frustrations among business entities.
Among them are E-methanol, hydrogen for industrial use, hydrogen for transport and a global hydrogen standard and certification system.
They agreed to explore opportunities to secure global technologies in joint projects with overseas counterparts, and strengthen cooperation and solidarity with overseas hydrogen consultative bodies.
Investments will be fostered, as mediated and carried by financial investors.
The successful launch of a hydrogen fund before the year's end was another key goal discussed. The help of top overseas fund managers will lead to an increase in the amount and performance of funding.
Korea H2 Business Summit seeks to foster the hydrogen ecosystem by promoting balanced development throughout production, transportation, storage and application. Its maximization of cooperation is enabled by operating as a platform to discover and expand business opportunities in the hydrogen industry.
It creates a global network through supporting participation in the global network by accelerating cooperation with countries leading in the hydrogen industry.
The government said previously in March that it will lower the Nationally Determined Contributions (NDCs) target for the entire country to remain the same at 40 percent. This is in line with its previous plan whereby the targeted greenhouse gas emission amount will be lowered to 436 million tons by 2030, down from 727 million tons in 2018.
Instead, the target for industries will be lowered to 11.4 percent by 2027, down from the previous goal of 14.5 percent set under the former Moon Jae-in administration in 2021.
The NDCs are non-binding national plans highlighting climate change mitigation, including targets to reduce greenhouse gas emissions as outlined by the United Nations.