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| President Moon Jae-in speaks during the Korea-UAE Business Roundtable on Hydrogen Partnership at the Habtoor Palace Hotel in Dubai, Sunday. Yonhap |
By Nam Hyun-woo
DUBAI ― Korea and the United Arab Emirates (UAE) will strengthen their bilateral partnership in transitioning to a hydrogen economy. Korea's strength in hydrogen vehicles and fuel-cell industries and the UAE's potential to produce clean hydrogen will create a synergy, President Moon Jae-in said Sunday.
Moon made the remarks during a business roundtable between Korean and UAE companies involved in the hydrogen value chain. It was the first official event of Moon's eight-day trip to the UAE, Saudi Arabia and Egypt.
"The hydrogen industry is key to carbon neutrality," Moon said during the event. "Though it is not an easy way to go, if Korea and the UAE cooperate to scale up the hydrogen industry together, we will be able to see new opportunities amid challenges."
Attending the roundtable event were the heads of the Korea International Trade Association, Hyundai Motor Group, SK Gas, GS Energy, Doosan Fuel Cell, Samsung C&T, E1, POSCO, Korea National Oil Corporation and other companies involved in the production, transport, financing and other processes of the hydrogen value chain.
From the UAE side, the leaders of the Federation of UAE Chambers of Commerce and Industry, Etihad Credit Insurance, and other key players in the UAE energy industry attended the roundtable.
The meeting came amid the UAE's efforts to include hydrogen in its energy portfolio, as part of the country's growth strategies to prepare the post-oil era. The UAE announced its goal in October of last year to achieve net-zero emissions by 2050 and ramp up efforts to tap into hydrogen energy.
In doing so, GS Energy teamed up with Abu Dabhi National Oil Company (ADNOC) by purchasing a 10 percent stake in its ammonia project, aiming to produce 1 million tons of the gas per year. Also, Hyundai Motor exported fuel-cell electric buses to the UAE, while Samsung C&T is seeking to win an engineering, procurement, and construction contract in a UAE hydrogen project.
"The UAE has its strength in producing green and blue hydrogen, while Korea's industrial prowess is in in liquefying, shipping and using hydrogen," Moon said during the event. "If the strengths are combined, the two countries can take the lead in the hydrogen economy."
Green hydrogen refers to hydrogen produced from 100 percent renewable energy sources, such as solar and wind. Blue hydrogen is produced by splitting hydrogen and carbon dioxide, but CO2 is captured and stored during the processing phase.
Korea sees the partnership with the UAE and other Middle East countries as being crucial to its bid to designate hydrogen as an economic growth driver. The UAE's vast land and climate are a competitive edge for renewable power generation, which is required for green hydrogen production, and the region's abundant natural gas reserves are also an advantage for blue hydrogen production.
"The UAE has a significant natural advantage for hydrogen production, and its cutting-edge infrastructure and mass production facilities also add competitiveness to the country's hydrogen capability," said Abdulah Mohamed Al Mazruei, chairman of the Federation of Chambers of Commerce and Industry of the UAE.
On the sideline of the roundtable, Korea Trade Insurance Corporation and Etihad Credit Insurance signed an MOU on expanding financial support for hydrogen projects. Also, Korea's Ministry of Trade, Industry and Energy and the UAE's Ministry of Industry and Advanced Technology agreed to materialize ideas discussed during the event.
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