- Gov’t to Provide 800 Bln Won for Transition to Hydrogen Economy
- US$ 700 mil. in 2021 to shift to hydrogen economy
- Gov’t to require power companies source electricity from hydrogen power
Prime Minister Jeong Sye-gyun presides over the 2nd Hydrogen Economy Committee after 3 months of the first meeting and committed to Korea becoming the Hydrogen Economy and technology to lead Korea forward to becoming one of the leading players in the world.
Prime Minister Jeong, “The hydrogen economy is already spreading throughout everyday life, not in the distant future”, “Countries around the world are competitively preoccupied with the hydrogen economy Acceleration of efforts for The Hydrogen Economic Committee is the centerpiece,”..“We will open the road to a hydrogen economy that no one has been”
Highlights
- Next year’s hydrogen-related budget will be greatly expanded (797.7 billion won, about 35% ↑, based on government proposals and government expenditures)
- Impose an obligation to purchase electricity produced by hydrogen fuel cells in the power market (revision of the Hydrogen Act)
- Natural gas supply and price system improvement for hydrogen production ☞ Expected to cut gas prices by up to 43%
- Oil and gas companies, commercial vehicles hydrogen filling station building full participation (Kohygen established * promotion)
- Committee held ago, the city commercial special purpose entity (Kohygen) established MOU signing ceremony for building hydrogen stations for
- 4 municipalities “hydrogen pilot cities to build full-scale launch *”, to support them Enactment of the 「Hydrogen City Act」
- Ulsan, Ansan, Jeonju, Wanju, and Samcheok → Establishment and implementation of the basic plan for hydrogen demonstration (specialized) cities
- Laying the foundation for 「Carbon Economy → Accelerating the Transition to Hydrogen Economy
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