Major corporations have agreed on cooperation to create an ecosystem for the hydrogen industry, a major growth engine of the future energy sector.
Fifteen leading companies in the hydrogen economy on Sept. 8 held the inaugural assembly of the Korea H2 Business Summit at the Korea International Exhibition Center in Goyang, Gyeonggi-do Province, with their top executives attending.
Among the 15 member companies included the corporations Hyundai Motor Group, SK, POSCO, Lotte, Hanwha, GS, Hyundai Heavy Industries, Doosan, Hyosung and Kolon Group.
The companies will promote balanced development of the hydrogen industry’s ecosystem and secure core technology early by investing KRW 43.4 trillion in all areas of the sector by 2030.
The assembly will be held in September every year to share major issues and status and exchange opinions on cooperation. “Investor Day,” an event inviting domestic and overseas investors and promote hydrogen-related investments, will be held in the first half of the year.
The launch of the hydrogen company council has laid the foundation for stimulating the industry and achieving carbon neutrality. More support will also go toward overseas expansion in the sector by Korean corporations.
Hyundai Motor Group Chairman Chung Eui-sun, who led the establishment of the so-called hydrogen alliance, said at the assembly, “I hope that the Korea H2 Business Summit becomes a leading platform that enhances the completeness and competitiveness of the hydrogen industry’s ecosystem and contributes to the development of the sector by playing a role to move not only individual corporate competitiveness but also integrate the corporate, policy and financial sectors into one.”
Hyundai Motor on Sept. 6 announced its commitment to go carbon neutral by 2045 at a media event of the IAA Mobility 2021 in Munich, Germany.
Aiming for net-zero carbon emissions in every process from vehicle production to operations and disposal, the carmaker is accelerating the transition to electrification of the paradigm in products and business to reduce emissions in the vehicle operation stage, which accounts for 80% of all emissions.
By region, all models sold on the European market will be battery-powered and hydrogen-powered fuel cell electric cars by 2035. Every vehicle sold in other major markets will see the sequential completion of electrification by 2040.
Source: Korea.net