South Korea Designates Three Cities as Hydrogen Industry Hubs
Key Ideas
- The South Korean government plans to designate Donghae, Samcheok, and Pohang as the nation's first hydrogen-specialized complexes to support the growth of the hydrogen industry.
- Investments totaling 509.5 billion won (US$370 million) will be made between 2024 and 2028 in building hydrogen storage and shipment clusters, hydrogen liquefaction plants, and hydrogen fuel cell generation clusters.
- Prime Minister Han Duck-soo highlighted the importance of hydrogen as a carbon-free energy source and emphasized its potential to become a trillion-dollar industry by 2050, aligning with global carbon reduction efforts.
- The government aims to develop a domestic hydrogen industry ecosystem and position South Korea as a leader in the global hydrogen economy through policy implementation and infrastructure development.
The South Korean government announced its plans to designate three cities - Donghae, Samcheok, and Pohang - as hydrogen-specialized complexes to promote the growth of the hydrogen industry. These cities passed feasibility surveys to embark on hydrogen cluster projects, with significant investments earmarked for infrastructure development. Donghae and Samcheok will focus on building a hydrogen storage and shipment cluster, accommodating 63 hydrogen-related companies and constructing a hydrogen liquefaction plant. Pohang, on the other hand, will invest in establishing a hydrogen fuel cell generation cluster. The government's decision aligns with the global recognition of hydrogen as a crucial element in carbon reduction strategies, emphasizing its potential as a lucrative industry by 2050. Prime Minister Han Duck-soo expressed the government's commitment to implementing these policies swiftly and concentrating on fostering a thriving domestic hydrogen industry ecosystem. The goal is to position South Korea at the forefront of the global hydrogen economy, leveraging both national and international opportunities for economic and environmental advancement.
Topics
Cities
Carbon Reduction
Government Support
Economic Growth
Industry Development
Infrastructure Investment
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