South Korean government’s ambitious goal to achieve 100% clean hydrogen by 2050 will prompt a supply of 27.9 million tons of clean hydrogen annually nationwide.
Foreseen hydrogen supply is likely to stimulate an economic effect in the country generating 1,319 trillion won and note reduction of more than 200 million tons of greenhouse gas.
The plan was unveiled at the 4th Hydrogen Economic Committee meeting chaired by the Prime Minister of South Korea; Kim Boo-gyeom at Lotte Hotel Seoul allowing the government to scrutinize five future agendas.
Essentially, agendas discussed at the meeting included the ‘1st Basic Hydrogen Economy Implement Plan’, as per the government announcement on November 26th.
Under the first legal hydrogen economy implement plan, South Korea will foster 15 tasks associated with four primary implementation strategies including utilization of hydrogen in daily lives, conducting clean hydrogen production on domestic as well as global level, bolstering hydrogen ecosystem, and introducing an optimized infrastructure.
Alongside the 27.9 million tons hydrogen supply, South Korea is aiming to reach a self-sufficiency rate of more than 60% by using Korean technology and investments to produce foreign clean hydrogen and ultimately scaling up domestic production.
The main implementation framework entails government plans to develop clean hydrogen supply system from existing hydrogen production.
By demonstrating the renewable energy driven water electrolysis hydrogen production, the government will establish a massive base for supporting large-scale clean hydrogen production with reduced production costs.
Additionally, South Korea envisions production of 750,000 tons of clean blue hydrogen with zero carbon footprint by 2030 edging towards 2 million tons by 2050.
This will enable the country to secure carbon storage of over 900 million by 2030 following the commercialization plans involving demonstration of Donghae gas field site and introduction of other carbon capture and storage (CCS) technologies.