South Korea Designates Three Cities as Hydrogen Specialized Complexes
Key Ideas
- South Korea designates Donghae, Samcheok, and Pohang as the first hydrogen-specialized complexes to become industry hubs.
- Investments of 317.7 billion won and 191.8 billion won will be made in Donghae-Samcheok and Pohang, respectively, for hydrogen-related projects.
- Prime Minister emphasizes the importance of hydrogen as a carbon-free energy source and a key measure for carbon reduction, aiming to lead the global hydrogen economy.
- The government will focus on building a domestic hydrogen industry ecosystem to capitalize on the trillions of dollars global market value expected by 2050.
During a meeting of the government-led Hydrogen Economy Committee in Seoul, South Korea, Prime Minister Han Duck-soo announced the designation of Donghae, Samcheok, and Pohang as the nation's first hydrogen-specialized complexes. These cities passed feasibility surveys and will receive support to grow into hydrogen industry hubs. Donghae and Samcheok will see investments totaling 317.7 billion won between 2024 and 2028 to build a hydrogen storage and shipment cluster, host hydrogen-related companies, and construct a hydrogen liquefaction plant. Pohang will receive 191.8 billion won for a hydrogen fuel cell generation cluster. Prime Minister Han Duck-soo highlighted the importance of hydrogen as a carbon-free energy source and a key measure for carbon reduction, especially in light of the upcoming COP28. He emphasized the potential of hydrogen as a future industry with a global market value projected to reach trillions of dollars by 2050. The government aims to implement policies from the committee swiftly, focusing on developing a domestic hydrogen industry ecosystem and leading the global hydrogen economy.