Fifteen of South Korea’s best-known companies, including Hyundai Motor, SK Group and Posco, launched a business council Wednesday to promote the domestic hydrogen industry and tap the growing global movement toward decarbonization.
The council, called the Korea H2 Business Summit, will discuss challenges facing the industry and offer policy recommendations to the South Korean government. Members will invest 43.4 trillion won ($37.3 billion) by 2030 to build supply chains and other infrastructure for hydrogen in a range of uses, from fuel cell vehicles to power plants.
The council aims to pave the way for stepped-up South Korean exports of hydrogen-related infrastructure as countries around the world chase environmentally friendly energy sources to combat climate change. But with Japanese and European players also making strides, it will need to promote rapid technological development to keep South Korea competitive.
The roster includes large and midtier players across industry lines, among them Lotte Group, Hyundai Heavy Industries, Doosan Group, Hyosung, Hanwha Group, GS Group and Kolon Group. Five more, including Samsung C&T, joined the initiative at the last minute.
Leaders from member companies attended an inaugural meeting at the H2 Mobility+Energy Show, which opened near Seoul on Wednesday. It is rare for so many South Korean conglomerates, or chaebol, and other major corporations to come together in a common field.
[Kotaro Hosokawa and Yuko Sugigaki]