Gov't unveils roadmap for hydrogen-powered economy

The Korea Times

The Korea Times

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Wed, September 27, 2023 | 14:21

Companies

Gov't unveils roadmap for hydrogen-powered economy

Posted : 2019-01-17 17:43

Updated : 2019-01-18 12:26

President Moon Jae-in talks to Hyundai Motor Group Executive Vice Chairman Chung Eui-sun, second from left in the front row, while looking at fuel cell systems on display at Ulsan City Hall, Thursday. On Chung's left is Minister of Trade, Industry and Energy Sung Yun-mo. Yonhap

Nation plans to produce 6.2 mil. hydrogen cars, build 1,200 charging stations by 2040

By Nam Hyun-woo

The government unveiled its vision for a hydrogen-powered economy Thursday, saying hydrogen-powered cars and fuel cells would create 43 trillion won ($38.2 billion) in economic value and 420,000 jobs by 2040.

Under the roadmap, the government plans to foster an increase in the number of hydrogen-powered vehicles on the road to 6.2 million in 2040 from 2,000 in 2018, and boost the number of charging stations from 14 to 1,200 nationwide over the same period.

President Moon Jae-in announced the initiative in Ulsan, a metropolitan city designated as the country's hub for "hydrogen power" and the first destination for his 2019 visits to industrial cities.

"A hydrogen economy is a revolutionary transition in industrial structure, in which the energy source is changed from coal and oil to hydrogen," Moon said. "Hydrogen will create new industries and jobs in producing, storing, transporting and harnessing its use. It is also an opportunity for Korea to secure a new growth engine."

Moon said Korea has advanced hydrogen technologies, but the country is in its infancy regarding its use. The government plan aims to make the country the No. 1 producer of hydrogen cars and fuel cells globally by 2030, he said.

South Korea seeks to produce 6.2 million hydrogen cars by 2040

2019-01-17 15:16 | Companies

Under the initiative, the administration will first seek to increase the domestic volume of new hydrogen cars from 712 last year to 4,000 this year. It claimed this will create momentum for the automobile industry to produce 100,000 hydrogen vehicles by 2025, and lower the price to the level of conventionally fuelled vehicles.

The government will also look to introduce 40,000 hydrogen-fuelled buses, 80,000 taxis and 30,000 trucks, as well as nurturing the domestic manufacture of appropriate auto parts.

It will increase the number of charging stations from 14 in 2018 to 310 in 2022 and 1,200 in 2040, as well as finding ways to boost the volume of hydrogen production to keep the price below 3,000 won per kilogram.

If these measures are successful, the government expects the country's hydrogen-powered car production volume will reach 6.2 million ― 2.9 million for domestic use and 3.3 million for export.

"China seeks to supply 1 million hydrogen cars by 2030 and Japan has set 800,000 as its target. The state of California is also eying 1 million and Germany, 1.8 million," Vice Energy Minister Cheong Seung-il said. "The government's plan is not an unfeasible one."

Along with hydrogen cars, the government will promote the manufacture of fuel cells for power generation to reach a combined output of 15 gigawatts by 2040. Of this, 8 gigawatts will be for domestic use, which is 7 percent to 8 percent of Korea's combined power generation capacity of 110 gigawatts last year.

Also, it will look to supply a combined 2.1 gigawatts of fuel cell output to homes and buildings by 2040. This will provide enough power for 940,000 households, according to the ministry.

namhw@koreatimes.co.kr