Hydrogen Act to Take Effect Tomorrow... Introduction of Hydrogen Company Verification and Sales Price Reporting System

[Sejong=Asia Economy Reporter Kwon Haeyoung] The 'Hydrogen Act' to revitalize the hydrogen economy will be enforced starting from the 5th.

The Ministry of Trade, Industry and Energy announced on the 4th that the "Act on the Promotion of the Hydrogen Economy and Hydrogen Safety Management," which includes the hydrogen-specialized company certification system and the hydrogen sales price reporting system, was promulgated on that day.

First, the hydrogen-specialized company certification system will be introduced. Companies that meet certain criteria regarding the proportion of sales revenue related to hydrogen business and the amount of investment in hydrogen business-related research and development (R&D) out of total sales will be designated as hydrogen-specialized companies, and the government will support R&D demonstration and overseas expansion. For these companies, the dedicated hydrogen industry promotion agency will solve customized on-site difficulties such as technology and management consulting and prototype production support through the 'Hydrogen Desk.'

Along with the system requiring hydrogen refueling station operators to report hydrogen sales prices to Korea Gas Corporation, a system for requesting the installation of hydrogen refueling stations and fuel cells will also be introduced. When the Minister of Trade, Industry and Energy requests facility operators at industrial complexes, logistics complexes, highway rest areas, and public parking lots to install refueling stations, the facility operators must comply. An official from the ministry explained, "Through requests for the installation of hydrogen refueling stations and fuel cells targeting public institutions, we plan to create demand in the public sector and expand hydrogen economy infrastructure."

The ministry also plans to establish a "Hydrogen Specialized Complex Designation Plan" supporting the development and distribution of hydrogen vehicles and fuel cells and related facilities within the first half of the year, as well as a "Hydrogen Pilot Project Implementation Plan" focusing on subsidy payments and intellectual property protection.

According to the ministry, the effects of transitioning to a hydrogen economy are appearing domestically. In hydrogen vehicles, Korea maintained the global sales number one position from 2019 to 2020, surpassing competitors such as Japan, and the number of refueling stations expanded from 34 in 2020 to 70 in 2021. As of the end of 2020, hydrogen fuel cells reached 600 megawatts (MW), creating the world's largest power generation market with a 43% share of global distribution.

So far, the ministry formed and operated a "Hydrogen Act Subordinate Legislation Task Force (TF)" composed of experts from industry, academia, and research to hold public hearings and gather opinions from the hydrogen industry for the enactment of the Hydrogen Act.

An official from the ministry stated, "Taking this enforcement of the Hydrogen Act as an opportunity, we plan to hold the 3rd Hydrogen Economy Committee meeting as soon as possible to prepare measures such as expanding hydrogen economy infrastructure and supporting the activation of private investment to leap forward as a leading hydrogen economy nation."

This content was produced with the assistance of AI translation services.