The government suggested the "hydrogen economy" as a key driver of innovative growth. It plans to increase the production of hydrogen (fuel cell) cars to 6.2 million units by 2040 with an aim to secure the biggest share in the global market. Currently, there are about 2,000 hydrogen cars operating in Korea.
To achieve the goal, the government plans to set up a production system for 100,000 hydrogen cars by 2025, and lower the price of hydrogen cars to around 30 million won.
It is currently half the price. To expand the supply of hydrogen cars, the number of absolute hydrogen charging stations will also be expanded from the present 14 to 1,200.
The government announced such "hydrogen economy activation road map" at the Ulsan City Hall in Ulsan City on Jan. 17 with the attendance of President Moon Jae-in.
"The hydrogen economy is a great opportunity for us to fundamentally change the national energy system and build new growth engines," President Moon said. "It is a revolutionary change in the industrial structure that converts energy sources from coal and oil to hydrogen."
President Moon also said, "The hydrogen economic roadmap is a blueprint for Korea to emerge as a world leader based on this strength. Our goal is to rank first in the global market share in both hydrogen cars and fuel cells by 2030."
Accordingly, the government plans to supply more than 4,000 new hydrogen-powered cars this year and establish a commercial production system for 100,000 units annually by 2025.
If the hydrogen economic roadmap goes on as planned, the government expects to create 43 trillion won worth of added value and 420,000 jobs by 2040.
