The Korea Times close
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
Business
  • Tech
  • Bio
  • Companies
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
Entertainment
& Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
Sports
World
  • SCMP
  • Asia
Video
  • Culture
  • People
  • News
Photos
  • Photo News
  • Darkroom
  • The Korea Times
  • search
  • Site Map
  • E-paper
  • Subscribe
  • Register
  • LogIn
search close
  • The Korea Times
  • search
  • Site Map
  • E-paper
  • Subscribe
  • Register
  • LogIn
search close
Business
  • Tech
  • Bio
  • Companies
Wed, July 6, 2022 | 04:00
Energy
Major conglomerates join hands to energize Korea's hydrogen economy
Posted : 2021-09-08 16:59
Updated : 2021-09-09 17:33
Print Preview
Font Size Up
Font Size Down
Heads of major conglomerates attend the?launch of the H2 Business Summit, aimed at enhancing cooperation in the hydrogen sector, at KINTEX in Goyang, Gyeonggi Province, Wednesday. From left are Lotte Group Chairman Shin Dong-bin, SK Group Chairman Chey Tae-won, Hyundai Motor Group Chairman Chung Euisun, POSCO Group Chairman Choi Jeong-woo and Hanwha Group President Kim Dong-kwan. Yonhap
Heads of major conglomerates attend the?launch of the H2 Business Summit, aimed at enhancing cooperation in the hydrogen sector, at KINTEX in Goyang, Gyeonggi Province, Wednesday. From left are Lotte Group Chairman Shin Dong-bin, SK Group Chairman Chey Tae-won, Hyundai Motor Group Chairman Chung Euisun, POSCO Group Chairman Choi Jeong-woo and Hanwha Group President Kim Dong-kwan. Yonhap

By Kim Hyun-bin

Major conglomerates agreed Wednesday to cooperate in developing a nationwide hydrogen ecosystem, during the H2 Mobility + Energy Show held at the KINTEX, in Goyang, Gyeonggi Province. They also held the Korea H2 Business Summit on the sidelines of the event, aimed at fostering this cooperation and working with the government to come up with policies to support the development of the local hydrogen industry.

A "hydrogen committee" created at the summit will be in charge of helping local firms enter the global hydrogen market, strengthening cooperation between member companies in the sector, hosting global events to attract foreign investment and jointly signing partnerships with foreign hydrogen technology firms.

The?H2 Business Summit was participated in by 15 conglomerates, including Hyundai Motor Group, SK, POSCO, Lotte Group, Hanwha and Hyosung with the firms laying the foundation for the committee.

Prior to this, they had promised to invest a combined 43.4 trillion won by 2030 to establish facilities for hydrogen production, distribution, storage and utilization.

"We are late comers in establishing a balanced hydrogen industry ecosystem compared to advanced countries. We are capable and have confidence as local conglomerates have global competitiveness in all industrial sectors," Hyundai Motor Group Chairman Chung Euisun said.

"We hope the Korea?H2 Business Summit will not only boost individual companies' competitiveness, but also get policymakers and the financial sector to move as one to complete a hydrogen industry ecosystem for the development of the local hydrogen economy."

POSCO Group Chairman Choi Jeong-woo emphasized the importance of the private sector coming together to energize the "hydrogen economy," vowing that his company will take a leading role in the country's carbon neutrality efforts.

"Steel emits the lowest amount of CO2 compared to other metal materials, but the production capacity is overwhelmingly higher than other industries inevitably emitting larger amounts of CO2 annually," Choi said. "As part of POSCO's efforts to lead the country's carbon neutrality goals, we will commercialize the use of hydrogen to reduce iron ore in the manufacturing process" without melting it, thereby emitting less CO2."


Heads of major conglomerates attend the?launch of the H2 Business Summit, aimed at enhancing cooperation in the hydrogen sector, at KINTEX in Goyang, Gyeonggi Province, Wednesday. From left are Lotte Group Chairman Shin Dong-bin, SK Group Chairman Chey Tae-won, Hyundai Motor Group Chairman Chung Euisun, POSCO Group Chairman Choi Jeong-woo and Hanwha Group President Kim Dong-kwan. Yonhap
From left, Hyundai Motor Group Chairman Chung Euisun, SK Group Chairman Chey Tae-won, Lotte Group Chairman Shin Dong-bin and Hyosung Group Vice Chairman Cho Hyun-sang are briefed about a trailer drone showcased at the H2 Mobility + Energy Show at KINTEX in Goyang, Gyeonggi Province, Wednesday. Yonhap

The establishment of the hydrogen committee was initiated by Hyundai Motor, SK and POSCO in March when the three companies came to a consensus that companies with the same goals of creating a hydrogen economy and achieving carbon neutrality needed to work together. Soon after, other conglomerates including Hyosung Group, joined and agreed to launch the committee.


Emailhyunbin@koreatimes.co.kr Article ListMore articles by this reporter
 
LG
  • Fashionista first lady draws polarized reactions
  • Price-conscious consumers flock to fresh food sales
  • Child porn website operator gets 2-yr prison term for concealing criminal proceeds
  • Korea's inflation growth hits nearly 24-year high in June on fuel costs
  • Son Heung-min recalls experiencing racism in Germany, rejoicing at revenge in World Cup upset
  • USFK member accused of alleged DUI on motorcycle
  • US bill expresses concerns over proposed abolishment of Korean ministry of equality
  • 6 dead, 30 wounded in shooting at Chicago-area July 4 parade
  • Korea to expand nuclear power generation to 30% of total by 2030
  • Korea begins transporting country's 1st lunar orbiter to US for Aug. launch
  • Maroon 5's world tour image with Rising Sun design causes stir Maroon 5's world tour image with Rising Sun design causes stir
  • [INTERVIEW] How Frank Wildhorn became most popular musical composer in Korea [INTERVIEW] How Frank Wildhorn became most popular musical composer in Korea
  • [INTERVIEW] Yoon Doo-joon juggles music and acting for series 'Never Give Up' [INTERVIEW] Yoon Doo-joon juggles music and acting for series 'Never Give Up'
  • Enhypen returns with more intense music and performances Enhypen returns with more intense music and performances
  • Korea box office tops 15 mil. admissions in June Korea box office tops 15 mil. admissions in June
DARKROOM
  • Afghanistan earthquake killed more than 1,000

    Afghanistan earthquake killed more than 1,000

  • Divided America reacts to overturn of Roe vs. Wade

    Divided America reacts to overturn of Roe vs. Wade

  • Namaste: Yogis to celebrate International Yoga Day

    Namaste: Yogis to celebrate International Yoga Day

  • Poor hit harder by economic crisis

    Poor hit harder by economic crisis

  • Roland Garros 2022

    Roland Garros 2022

The Korea Times
CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Location
  • Media Kit
  • Contact Us
  • Products & Service
  • Subscribe
  • E-paper
  • Mobile Service
  • RSS Service
  • Content Sales
  • Policy
  • Privacy Statement
  • Terms of Service
  • 고충처리인
  • Youth Protection Policy
  • Code of Ethics
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group