The government of South Korea is taking steps to promote the hydrogen economy by designating three cities as special hydrogen complexes. These cities – Donghae, Samcheok, and Pohang – are set to become key players in the hydrogen industry, set to transform into industry hubs with the help of substantial investments.
After passing preliminary feasibility surveys, Donghae and Samcheok will collaborate on a hydrogen cluster project. An investment of 317.7 billion won, equivalent to $230.5 million, will be made from 2024 to 2028. This investment will fund the establishment of a hydrogen storage and shipment cluster in Donghae, which will host 63 hydrogen-related companies.
Simultaneously, Samcheok will see the construction of a hydrogen liquefaction plant. On the other hand, Pohang will receive 191.8 billion won to build a hydrogen fuel cell generation cluster over the same period.
Prime Minister Han Duck-soo highlights its role as a carbon-free energy source identified during COP28 as crucial for carbon reduction. The future economic potential of hydrogen is substantial, with expectations that its global market value could reach trillions of dollars by 2050. Government Commitment Prime Minister Han underscored the government’s commitment to rapidly implement the policies discussed by the Hydrogen Economy Committee.
