EFFORTS TO PROMOTE THE USE OF HYDROGEN

[Anchor Lead]

With demand for carbon neutrality rising around the world, the hydrogen industry has emerged as a promising sector. Korean conglomerates are also joining hands to promote the use of hydrogen.

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A furnace, filled with dark, red melted iron. Coal used in melting iron ore is the culprit of massive carbon dioxide emissions. But it can be replaced with a more eco-friendly material – hydrogen. It enables steel production without emitting carbon.

[Soundbite] Kim Ki-soo (POSCO) : "We will use our FINEX technology in the world’s first and complete commercialization by 2030."

The development of hydrogen fuel cells and unmanned hydrogen trailers based on fully autonomous driving technology is gaining speed. As demand for carbon neutrality keeps rising, the hydrogen industry has emerged as a promising sector. South Korean conglomerates are joining hands to establish a presence in the hydrogen economy. A hydrogen business council consisting of 15 corporations has been launched recently to jointly develop the sector.

[Soundbite] Han Byung-hwa(Eugene Investment and Securities) : "It’s the first time that the heads of conglomerates pulled together to promote a specific sector. It shows how important hydrogen is for achieving carbon neutral."

SK will invest 18.5 trillion won in the construction of gas liquefaction plants, while Hyundai Motor pledged more than 11 trillion won for the development of hydrogen cars. POSCO plans to invest 10 trillion won. Hanwha and Hyosung, one trillion won each. By 2030, the combined investment of these five conglomerates will surpass 43 trillion won. However, the issue of improving storage, transportation and charging infrastructures remains unresolved.

[Soundbite] Lee Jong-young(Prof., Chung-Ang University) : "Collaboration between businesses and the government is essential for creating a hydrogen-based society. The role of the government is to build hydrogen infrastructure."

The government will announce the Hydrogen Economy Roadmap 2.0 this year to provide support to the domestic hydrogen sector.