The industry ministry of South Korea mentioned on Monday that it has acknowledged with its Australian equivalent to widen relationships in advertising hydrogen as the new major supply of energy, according to the Seoul’s strategy to advance sustainable and green economic growth.
According to the leadership of Trade, Industry, and Energy, South Korea and Australia confirmed its determination to join forces in a huge array of areas regarding the hydrogen industry.
It was the 4th agreement of its kind agreed by South Korea in the following year, after the government announced the so-called hydrogen economy agenda in January. Seoul also set contracts with Norway, Saudi Arabia, and Israel.
Under the contract signed, the 2 countries promised to work on the so-called hydrogen action project to energize their industries using the gas till 2030.
South Korea has firmness in the area of hydrogen automobiles and fuel cells, on the other hand, Australia is strong in terms of providing the energy, a member from the energy ministry mentioned, demanding the 2 countries can work together in many areas.
Hydrogen is an environment-friendly and sustainable substitute to fossil fuels as cars functioning on the resource only use water for producing power. It can be generated by transforming Liquefied National Gas or as an outgrowth of industrial facilities, like petrochemical plants.
South Korea has been working to create a society that utilizes hydrogen as the major source of energy for automobiles and other everyday functions. The approach is thought-out as one of the major projects chased by the Moon Jae-in administration.
According to the plan, the total number of hydrogen-powered automobiles manufactured by 2040 will reach about 6.3 million units, which includes about 3.4 million units for shipping abroad, establishing South Korea as the world’s leading green carmaker.