In a move to realize a carbon-neutral transition city in Busan, Korea Southern Power Co., Ltd. signed a business agreement with the city, Hanwha Energy, Hanwha Solutions, and BNK Financial Group on the 15th of July.
In accordance with this agreement, each institution will establish a hydrogen ecosystem including hydrogen energy production, storage, utilization, and demonstration industries; create a green industrial complex through solar energy and fuel cells; and promote R&D projects to secure new and renewable energy technologies such as hydrogen.
As part of the cooperation, Busan City will support administrative tasks related to licensing and permits, Southern Power will provide technological support and human resource training in cooperative areas to stimulate a carbon-neutral industry in Busan, and Hanwha Energy and Hanwha Solutions will provide hydrogen value chain services. BNK Financial Group will be responsible for financial support such as environmental, social, and governance finance while supporting the development and diversification of a strategic cooperative system.
Seung-woo Lee, president of Korea Southern Power, said, “Carbon neutrality and energy transition are tasks that must be undertaken for a better future.” “We will do everything in our power to revive the economy,” he said.