Laying the Foundation for Hydrogen Industry Growth... 'Hydrogen Economy Act' Passed by National Assembly

[Image source=Yonhap News]

[Asia Economy Reporter Oh Hyung-gil] A bill to transition to a hydrogen economy and systematically foster the hydrogen industry has passed the National Assembly.

The National Assembly held a plenary session on the 9th and approved the "Act on the Promotion of the Hydrogen Economy and Hydrogen Safety Management."

The bill requires the Minister of Trade, Industry and Energy to establish a basic plan for the implementation of the hydrogen economy and provides the basis for the Prime Minister to establish a Hydrogen Economy Committee to systematically foster the hydrogen industry.

It allows administrative and financial support for hydrogen-specialized companies and permits subsidies or loans for costs related to technology development, professional workforce training, and international cooperation in hydrogen projects.

Additionally, operators of rest facilities installed in economic free zones or expressways, as well as industrial complexes, can be requested to submit plans for installing hydrogen fuel supply facilities.

Related organizations and associations for the systematic promotion of the hydrogen industry and hydrogen safety management are designated as the Hydrogen Industry Promotion Agency, Hydrogen Distribution Agency, and Hydrogen Safety Agency, respectively.

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