Major conglomerates join hands to energize Korea's hydrogen economy

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."

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.

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