Energy Transition Keyword 'Hydrogen'... Government Emphasizes "Definite Change"

[Asia Economy Reporter Moon Chaeseok] Government and energy industry officials have identified energy transition and the hydrogen economy as key agendas to be achieved this year.

Seong Yun-mo, Minister of Trade, Industry and Energy, reiterated his commitment to revitalizing the hydrogen economy at the energy industry's New Year's meeting held at the Westin Chosun Hotel in Sogong-dong, Jung-gu, Seoul, at 5 p.m. on the 21st.

Minister Seong said, "According to the hydrogen economy roadmap established last year, we will steadily expand related infrastructure such as hydrogen vehicles and charging stations," adding, "This year, we will focus on securing economic feasibility through hydrogen price reductions, revise related laws, and form a pan-government implementation organization to accelerate the development of the hydrogen economy."

Corporate executives also expressed their willingness to cooperate with government policies. Cho Kyung-mok, President of SK Energy, said, "I believe companies must respond to the era's demand for clean and safe energy transition necessary for sustainable growth emphasized by Minister Seong," adding, "The demand sector is also striving to secure stable energy supply and build an eco-friendly energy system despite difficulties such as the US-China trade dispute and Middle East risks."

Following President Moon Jae-in's emphasis on 'certain change' in his New Year's address on the 7th, economic ministries are tightening their vigilance.

The Ministry of Trade, Industry and Energy received an 'A grade' in last year's government performance evaluation, standing out among economic ministries alongside the Ministry of Science and ICT and the Ministry of SMEs and Startups. The activation of the hydrogen economy, along with responding to the Korea-Japan trade dispute, was cited as one of the ministry's best achievements last year.

Thanks to government support last year, Hyundai Motor sold 3,666 hydrogen vehicles (January to October; 60% of global sales), surpassing Japan's Toyota, which sold 2,174 units, becoming the world's number one?a representative achievement.

This year, the goal is to strengthen the momentum of the hydrogen economy's growth. The Ministry plans to invest 916.3 billion won in energy technology development this year, of which 43.1 billion won will be allocated to the hydrogen economy.