ED Hydrogen economy
Korea can be leading nation through elaborate planning
The government announced a “roadmap to invigorate the hydrogen economy” on Thursday. The long-term plan presents strategies to promote the hydrogen economy, ranging from the production and storage of hydrogen to its supply and use, centering on the two axes of hydrogen-powered vehicles and hydrogen fuel cell.
A hydrogen economy calls for replacing fossil fuels with hydrogen in providing energy services, including power generation, vehicle fuel and heating, and turning these into an industry.
Hydrogen is an eco-friendly energy source and can produce various related industries in the course of replacing the current energy sources. The global hydrogen market is in an infant stage with few competitors. That means Korea can be a global leader provided it comes up with a good strategy.
The roadmap aims to increase the accumulated production of hydrogen-fueled vehicles from the current 2,000 to 6.2 million, raising hydrogen-charging stations from the current 14 to 1,200 by 2040. It also calls for expanding the production of hydrogen fuel cells to 15 gigawatts, equivalent to 15 nuclear reactors. If the plan is implemented as scheduled, the government expects it will produce the added value of 43 trillion won ($38.5 billion) a year and 420,000 new jobs by 2040.
It is significant the nation has selected the hydrogen economy as one of its three strategic sectors, along with artificial intelligence and big data, and came up with a roadmap for promoting it. Korea, which relies heavily on imports for its energy demand, can save enormous money by replacing fossil fuels with hydrogen. Equally important is its effects on the environment by reducing greenhouse gas emissions and fine dust.
Yet, there are many hurdles to be tackled. The government should play the role of a purchaser in the initial stages to create the demand. It also should relax regulations to help build infrastructure. Without this policy support, the roadmap will get nowhere.
Fortunately, Korean businesses have world-class technology in hydrogen vehicles and fuel cells. If the government and private sector can continue to cooperate closely, Korea's becoming a global leader in the hydrogen economy will not be a pipe dream.