[Sejong=Asia Economy Reporter Kwon Haeyoung] The government has decided to strengthen cooperation with Chile in building a hydrogen supply chain as well as in minerals and renewable energy.
On the 9th, Park Ki-young, Vice Minister of the Ministry of Trade, Industry and Energy, held a signing ceremony for the 'Korea-Chile Low-Carbon Hydrogen Cooperation Memorandum of Understanding (MOU)' with Juan Carlos Jobet, Minister of Energy and Mining of Chile, at Lotte Hotel Seoul, declaring the intention to expand hydrogen cooperation between the two countries.
This MOU was made following Chile's proposal to promote a hydrogen cooperation MOU through the Embassy of Chile in Korea in February. In November last year, Chile announced its vision to become a global clean fuel supplier based on vast renewable energy resources through its 'National Green Hydrogen Strategy,' and is promoting policies such as expanding green hydrogen production and utilization and international cooperation. Chile's renewable energy potential is approximately 1800 GW.
Korea is also pursuing the establishment of a full-cycle hydrogen ecosystem centered on clean hydrogen by announcing a hydrogen roadmap, enacting the Hydrogen Act, launching the Hydrogen Economy Committee, and announcing a vision to lead the hydrogen economy.
According to this MOU, the two countries plan to promote technology exchange across the entire hydrogen cycle including production, storage, transportation, and utilization, share their hydrogen economy experiences, and develop international industrial and business consortiums as well as expand business opportunities. Vice Minister Park also proposed participation in Korea's ongoing 'Clean Hydrogen Supply Chain Initiative.'
An official from the Ministry of Trade, Industry and Energy stated, "By combining Chile's renewable energy resources with Korea's hydrogen utilization technology and dissemination experience, it is expected that an economical hydrogen supply chain between the two countries can be established and the low-carbon hydrogen trade market can be expanded."
The two countries also exchanged opinions to strengthen cooperation in minerals, renewable energy, and energy research and development (R&D).
First, they expressed the hope that domestic private companies would expand their participation in Chile's resource industry, a country rich in mineral resources, to establish a stable supply chain of key minerals such as lithium needed for secondary batteries and electric vehicle batteries. Chile holds 45.8% of the world's lithium reserves and 23% of copper reserves.
They mentioned that Korean companies such as Korea East-West Power and Korea Hydro & Nuclear Power are actively entering the local solar power industry with the support of the Chilean government, and expected this to be an opportunity to share cases related to solar power output control and grid delay as well as to expand joint research. They also agreed to promote the discovery of joint technology development and demonstration projects between the two countries using platforms such as Mission Innovation to promote clean energy R&D.
Vice Minister Park Ki-young said, "The signing of this low-carbon hydrogen MOU is a very meaningful occasion that can solidify hydrogen cooperation between the two countries," and added, "We hope that through various forms of hydrogen cooperation, the two countries will contribute to the early activation of the global clean hydrogen economy."
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