The Korean Ministry of Trade, Industry, and Energy reported on July 6 that the 17 member businesses of the Korea H2 Business Summit plan to invest over 50 trillion won in the hydrogen industry by 2030, an increase of over 7 trillion won.
According to the ministry, this is due to the fact that the updated Economic Promotion and Safety Control of Hydrogen Act is slated to go into effect within this year, thereby substantially reducing uncertainty.
The member companies promised to invest a total of 43 trillion won by 2030 in their respective hydrogen initiatives. They upped their projected investments by about 7 trillion won this year.
That day, at the 2022 Investor Day event of the summit, Hyundai Motor Group announced its different efforts to implement hydrogen fuel cells in ships and aircraft. The summit participant presently leads the global market for hydrogen-powered electric vehicles. It began creating hydrogen fuel cells in 1998 and has created hydrogen-powered automobiles, buses, and trucks.
SK Group announced that, beginning in 2025, it will manufacture 250,000 tons of pure hydrogen annually in South Korea. “In order for the price of hydrogen as a fuel to decrease, a high demand is required, and government aid is necessary,” the report noted.