Launch of Public-Private Hydrogen Economy Control Tower 'Hydrogen Economy Committee'
20 Members Including Vice Chairman Chung Elected and Appointed Under Prime Minister's Chairmanship
Prime Minister Chung: "Full Support for Hydrogen Vehicle Subsidies and Localization of Parts Investment"
Vice Chairman Chung Requests Policy Support and Expresses Confidence in Industrial Development Potential
[Asia Economy Reporters Suyeon Woo and Jihee Kim] The '1st Hydrogen Economy Committee,' the control tower leading South Korea's hydrogen economy, was launched on the 1st. The committee, which includes key public and private figures such as Prime Minister Chung Sye-kyun and Chung Eui-sun, Executive Vice Chairman of Hyundai Motor Group, will play a role in driving industrial development alongside policies to realize the vision of the hydrogen economy.
According to the Hydrogen Mobility+ Show Organizing Committee on the day, the 1st Hydrogen Economy Committee, involving both public and private sectors, held its inauguration ceremony at KINTEX in Ilsan and discussed policy issues related to the hydrogen economy. Launched in line with the opening schedule of the world's first hydrogen mobility exhibition, the 'Hydrogen Mobility+ Show,' the Hydrogen Economy Committee is expected to lay the foundation for unified hydrogen economy policies at the government-wide level as a control tower for hydrogen energy.
The committee consists of government members including Prime Minister Chung and ministers from eight ministries, and 11 private members appointed from industry and academia, including Executive Vice Chairman Chung. The first meeting was held as a ceremony for awarding appointment letters and introductions, and specific measures such as creating a hydrogen industry ecosystem and designating a dedicated agency were also discussed.
Chairman Chung stated, "We will spare no policy support to realize a private-sector-led hydrogen economy in 2022 by increasing the localization rate of parts and materials through subsidies for hydrogen vehicles and investment in hydrogen energy R&D," emphasizing the importance of hydrogen energy development and enhancing South Korea's status as a leading country.
Additionally, Chairman Chung promised to expand hydrogen energy production and supply to increase the sustainability of the hydrogen economy. He said, "We will create an industrial ecosystem so that citizens can purchase hydrogen at affordable prices, and from 2040, we will produce hydrogen by utilizing more than 30% of electricity currently wasted due to output restrictions."
Executive Vice Chairman Chung, appointed as a private member, requested continuous policy support for hydrogen economy activation at the government-wide level and responded that Hyundai Motor Group will lead the global hydrogen economy from an industrial perspective, including technology development.
The launch of the Hydrogen Economy Committee was originally scheduled for February next year but was moved up to this month considering the urgency of issues such as policy delays due to the absence of a control tower for the hydrogen economy and responding to technological advancements by competing countries. Early last year, the government announced a roadmap to activate the hydrogen economy, aiming to accumulate 2.9 million hydrogen electric vehicles domestically and build 1,200 hydrogen charging stations by 2040. By May this year, the cumulative domestic supply of hydrogen electric vehicles approached 7,400 units, and 100 new hydrogen charging stations are planned to be installed this year alone.
From an industrial perspective, Hyundai Motor Group, leading the hydrogen economy, introduced the hydrogen electric sports utility vehicle (SUV) Nexo in 2018 and is expanding the application of hydrogen fuel cells to the commercial vehicle market. In April last year, Hyundai Motor established a joint venture (JV) with Swiss hydrogen energy company 'H2 Energy' and agreed to supply 1,600 hydrogen electric heavy trucks to the European market by 2025.
Hyundai also signed a memorandum of understanding (MOU) with Cummins in the United States to supply hydrogen fuel cell systems to the North American commercial vehicle market and jointly develop eco-friendly powertrains. Hyundai's world-first unveiling of the first hydrogen-exclusive heavy truck concept car, 'HDC-Neptune,' in the North American market was also aimed at aggressively entering the North American commercial vehicle market.
On the day, Hyundai Motor revealed the Neptune concept car for the first time in Korea through the 'Hydrogen Mobility+ Show' and showcased a mobile hydrogen fuel cell generator, suggesting the potential for expanding hydrogen fuel cell systems into various fields. Hyundai plans to develop and launch a new fuel cell system optimized for heavy trucks with high durability and high output within the next 3 to 4 years.
Meanwhile, the world's first hydrogen mobility exhibition, Hydrogen Mobility+ Show, is being held at KINTEX in Ilsan from today until the 3rd, with 108 hydrogen mobility-related organizations and companies from 11 countries participating. Hyundai Motor introduced the Neptune concept car to the domestic market for the first time through the Hydrogen Mobility+ Show. Organizing Chairman Jeong Manki said, "We hope this exhibition will be used as a platform to share the latest trends in hydrogen energy technology development and promote trade exchanges," adding, "We will continue to develop the Hydrogen Mobility+ Show into a key national exhibition."
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