South Korean business leaders gathered at the Korea H2 Business Summit in Seoul to reaffirm their commitment to spearheading the global hydrogen economy.
Recognizing hydrogen as a crucial solution for achieving carbon neutrality, the 17 members of the alliance unveiled a set of initiatives aimed at creating and strengthening the hydrogen ecosystem in the country. With ambitious goals for carbon emission reductions through hydrogen and significant investments in hydrogen infrastructure, South Korea is positioning itself as a leading force in the transition to a hydrogen-based economy.
The Korea H2 Business Summit, comprising prominent companies such as Hyundai Motor Group, SK Group, Posco Group, and LG Chem, emphasized the importance of transforming South Korea into a hydrogen economy. Their goals include achieving more than 10 percent carbon emission reductions through hydrogen by 2030 and surpassing 25 percent by 2050. By focusing on hydrogen as a clean energy source, South Korea aims to play a key role in combating climate change and realizing carbon neutrality.
During the summit, representatives from the participating companies shared their accomplishments and collaborations in hydrogen transformation efforts over the past two years. The alliance members pledged to foster synergy in policy, business, and investment, creating a platform for domestic and global cooperation. By actively proposing ideas, offering advice, and supporting government policies, the companies aim to accelerate hydrogen cooperation and drive mass-scale investments in the industry. They advocate for the establishment of a bidding market for green hydrogen development, mandatory adoption of hydrogen vehicles, expanded government subsidies and tax incentives, and the recognition of the hydrogen industry as a national strategic technology.
The Korea H2 Business Summit members expressed their intention to strengthen partnerships with overseas hydrogen alliances and explore opportunities for securing global technology. To support investment cooperation, the companies plan to attract additional investment from both members and financial investors, facilitating the launch of hydrogen funds. By creating hydrogen funds based on value chains and regions, South Korea aims to leverage investment cooperation with global funds and accelerate the development of hydrogen infrastructure.
Key members, including Hyundai Motor, SK, Posco, Hanwha, and Hyosung, have announced substantial investment plans of over 40 trillion won ($31.3 billion) in building hydrogen infrastructure by 2030. These investments will contribute to the establishment of a robust hydrogen ecosystem, including production, distribution, and refueling facilities, to support the country’s hydrogen-based future.