Prime Minister: "Producing Hydrogen with Nuclear Power... Will Foster a Super-Gap Industry"

Hyundai Motor Group Exhibition Booth at H2MEET 2022

[Asia Economy Reporter Choi Dae-yeol] Prime Minister Han Duck-soo said on the 31st, "We will diversify production methods, such as producing hydrogen using electricity generated from nuclear power plants."

At H2MEET (formerly Hydrogen Mobility+ Show), the largest hydrogen industry exhibition in Korea, which opened that day, Prime Minister Han stated, "We will further develop the hydrogen industry and grow it into a super-gap industry that leads the global market."

Hydrogen is classified into green hydrogen, blue hydrogen, and gray hydrogen depending on whether carbon dioxide is emitted during the production process. Green hydrogen is produced using renewable energy such as solar power, with no carbon dioxide emissions during manufacturing. However, it is more expensive because it requires electricity generated from renewable energy. The current government has declared its intention to increase the utilization of nuclear power, and it plans to accelerate the refinement of production and supply systems by linking this with the hydrogen industry.

Prime Minister Han said, "We will firmly establish a hydrogen economy ecosystem covering the entire cycle of hydrogen production, distribution, and utilization," adding, "We will promote large-scale green hydrogen production demonstration projects to strengthen production capacity."

Prime Minister Han Duck-soo

He continued, "We will actively pursue projects to produce and import clean hydrogen overseas using our technology and capital, and build infrastructure to safely distribute and supply hydrogen without any gaps," emphasizing, "In addition to the distribution of hydrogen commercial vehicles, we will apply hydrogen to various mobility sectors such as ships, drones, and aircraft, and actively engage in technology development to utilize hydrogen in high greenhouse gas-emitting industries such as steel, petrochemicals, and cement."

The government plans to organize and announce the new administration's hydrogen economy vision and measures at the Hydrogen Economy Committee scheduled for next month. Regulations that hinder investment or technological innovation will be revised, and financial and tax support will also be considered.

Participants at the event unanimously agreed that the hydrogen industry has become important due to increased volatility in the energy industry. Yoon Kwan-seok, a member of the National Assembly’s Industry, Trade, and Energy Committee, said, "The share and importance of the hydrogen industry in the global market are increasing, and as hydrogen industry capabilities determine each country's energy security, the global competition for leadership in the hydrogen market will intensify."

John Whittingdale, British Trade Commissioner, said, "Following Russia's invasion of Ukraine, renewable energy policies including wind and hydrogen have expanded into new energy security strategies," adding, "The UK plans to double its hydrogen production facilities by 2030 to reduce expensive fossil fuel imports." John Hannaford, Deputy Minister of Natural Resources Canada, said, "The moment for hydrogen has arrived," adding, "the hydrogen economy has the potential to redraw the global energy map, and through innovation and cooperation, we can build a clean energy future."

Meanwhile, the event is being held over four days until the 3rd of next month at KINTEX in Goyang. Now in its third year, this event features 241 companies and organizations from 16 countries in the fields of hydrogen production, storage, transportation, and utilization. The number of participating companies increased by 56% and the exhibition area expanded by 42% compared to last year.

Jung Man-ki, Chairman of the Korea Industrial Federation Forum and Chair of the event’s organizing committee, said, "Positive recognition of hydrogen's value as a means to achieve carbon neutrality is spreading, and the value of the hydrogen industry as a future growth engine is being re-recognized," adding, "governments and companies worldwide are focusing their efforts on fostering the hydrogen industry."