Creation of a 'Carbon Neutral Hub' on Myodo Island, Yeosu, Jeonnam

'Yeosu Myodo Eco Energy Hub' bird's-eye view / Photo by Hanyang

[Asia Economy Reporter Hwang Seoyul] The "Yeosu Myodo Eco Energy Hub," a carbon-neutral energy cluster, will be established in the Myodo area of Yeosu City, Jeollanam-do.

On the 16th, according to Hanyang, local governments including Jeollanam-do and Yeosu City, companies located in the Yeosu Industrial Complex such as GS Caltex, Lotte Chemical, and LG Chem, as well as Hanyang, which is promoting the "Northeast Asia LNG Hub Terminal" project in Myodo, signed a business agreement last December to create a carbon-neutral energy cluster. The "Eco Energy Hub" project was also included in the new government's "Balanced Development Regional Pledge" for the Jeollanam-do region on the 27th of last month.

The "Eco Energy Hub" project aims to establish an energy production, distribution, and utilization base with a carbon-neutral ecosystem in Myodo (3.12 million square meters) and the Yeosu National Industrial Complex area in Yeosu City, Jeollanam-do. A total project cost of approximately 15.5 trillion KRW will be invested by 2030.

Through this project, a carbon-neutral energy cluster including hydrogen and ammonia terminals and CCUS (Carbon Capture, Utilization, Storage, and Removal) terminals will be created, along with a global energy new business hub featuring an LNG exchange and data center. Additionally, green energy projects will include the construction of LNG terminals and natural gas power complexes.

A Hanyang official stated, "Through this project, we expect to create opportunities not only in the LNG business, which is a key new business, but also to participate in the hydrogen business."

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