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Ambitious new plans to accelerate Korea’s hydrogen economy

During the inaugural meeting of Korea’s Hydrogen Economy Committee on July 1, the Korean government announced ambitious targets to accelerate the development of Korea’s hydrogen economy. Chaired by Prime Minister Chung Sye-kyun, the committee comprises of experts from industry, academia and eight government ministries who will shape the Korean government’s hydrogen policies.

The first target is the creation of 500 new hydrogen-related companies by 2030 and a further 500 by 2040. In particular, the government will support companies in five priority areas – hydrogen mobility, liquid hydrogen, fuel cells, hydrogen charging stations and water electrolysis. A fund of ₩34 billion or A$41 million will be established to encourage other companies to participate in the hydrogen economy.

The committee also plans to expand Korea’s green car industry, aiming to have 850,000 hydrogen cars on the road by 2030. These cars will be supported by up to 660 charging stations, which will be located within 20 minutes drive of each other in major cities.

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Liz Griffin – Executive Director
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The Australia-Korea Business Council is the leading national body committed to strengthening the Australia-Korea economic relationship.