Martial Arts: "The World Must Respond to the Spread of the Hydrogen Ecosystem... Investment Should Be Expanded"

Muheop·Industrial Alliance Forum 'H2 MEET 2023 Industrial Development Forum' Held

On the 14th, the Korea International Trade Association (KITA) jointly held the ‘2023 H2 MEET Industrial Development Forum’ with the Korea Industrial Alliance Forum (KIAF) at KINTEX in Ilsan, stating that Korea must also expand its investments in line with the global trend responding to the spread of the hydrogen ecosystem.

Jung Manki, Chairman of the Korea Industrial Alliance Forum and Vice Chairman of KITA, said in his greeting, “The global hydrogen market size is expected to grow to approximately $1.408 trillion by 2050, with 55% of the hydrogen market value concentrated in Asia.” He explained, “In particular, the domestic fuel cell market for power generation has grown into the world’s largest market, and based on the high adoption of hydrogen vehicles, Korea holds the number one global market share in hydrogen vehicles, demonstrating its competitiveness.”

However, he emphasized that Korea’s hydrogen patent share and technological capabilities are low compared to major countries such as the United States, Japan, and Germany. Vice Chairman Jung reminded that Korea’s hydrogen patent share is only 7%, and its hydrogen technology also lags behind the US, Japan, and Germany, pointing out, “Despite ongoing hydrogen support policies, it is still insufficient compared to the systematic support in North America and the EU.” He added, “In the future, organic cooperation between the public and private sectors and multifaceted government policies must be supported to bring about a major transformation in the hydrogen ecosystem.”

At the forum themed on the profitable hydrogen economy, former Vice President Kim Sehun of Hyundai Motor Company presented on ‘Can You Make Money with Hydrogen?’, and Kim Kihwan, Head of the Hydrogen Economy Research Division at the Korea Energy Economics Institute, spoke on ‘Response Strategies for Expanding the Hydrogen Market.’ In the subsequent designated discussion, Professor Cho Heungjong of Dankook University stated, “If the hydrogen industry expands quantitatively and economies of scale are realized, prices will stabilize,” and argued, “We need to supply various forms of hydrogen and gradually expand the scale to include carbon capture, utilization, and storage (CCUS) development and blue hydrogen.”

Jang Hyunsook, Head of the Green Transition Team at KITA, also presented on ‘Current Status and Challenges of Major Countries’ Policies by Hydrogen Value Chain,’ stating, “To foster the hydrogen industry, active investment and technological development are necessary, but since business outcomes and investment recovery are not immediate due to the nature of the industry, a firm government policy will and infrastructure establishment must be prerequisites.” She advised, “It is necessary to significantly expand R&D support and support hydrogen energy transition in sectors such as hydrogen reduction steelmaking, cement, and petrochemicals,” adding, “The rapid processing of permits and approvals for infrastructure projects such as production facilities and charging stations, as well as the expansion of incentives for green hydrogen production companies, must also be implemented promptly.”

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