South Korea Designates Three Cities as Hydrogen-Specialized Complexes
Key Ideas
  • South Korea designates Donghae, Samcheok, and Pohang as hydrogen-specialized complexes to support growth in the hydrogen industry.
  • Investments totaling 509.5 billion won will be made between 2024 and 2028 in building hydrogen storage, shipment, and fuel cell generation clusters.
  • Prime Minister Han Duck-soo highlights hydrogen's importance as a carbon-free energy source and a key measure for carbon reduction, aiming to lead the global hydrogen economy.
  • The government emphasizes the potential of hydrogen as a future industry with an expected global market value reaching trillions of dollars by 2050.
The South Korean government has announced the designation of Donghae, Samcheok, and Pohang as the nation's first hydrogen-specialized complexes to bolster the growth of the hydrogen industry. These cities passed preliminary feasibility surveys to commence hydrogen cluster projects. Donghae and Samcheok will see a substantial investment of 317.7 billion won between 2024 and 2028 for building hydrogen storage and shipment clusters, accommodating 63 hydrogen-related companies in Donghae, and establishing a hydrogen liquefaction plant in Samcheok. Similarly, the Pohang project will involve an investment of 191.8 billion won in creating a hydrogen fuel cell generation cluster over the same period. Prime Minister Han Duck-soo, speaking during a meeting of the government-led Hydrogen Economy Committee, emphasized the significance of hydrogen as a carbon-free energy source crucial for carbon reduction efforts, especially in the context of the upcoming COP28 conference. He stressed the potential of hydrogen as a lucrative future industry, with projections indicating a global market value in the trillions by 2050. The government aims to swiftly implement policies decided by the committee, focusing on developing a robust domestic hydrogen industry ecosystem and leading the charge in the global hydrogen economy.
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