SEOUL, Oct. 31 (Korea Bizwire) — South Korea on Thursday announced a plan to cut the production costs of hydrogen to about a third of current costs by 2040 in a move to make it a viable alternative to the fossil fuels blamed for global warming.
The road map — outlined at the latest science-technology ministerial meeting in Seoul — calls for lowering the cost of making a kilogram of hydrogen to around 3,000 won (US$2.60) in 2040 from the current cost of about 10,000 won, the Ministry of Science and ICT said.
The move is in line with South Korea’s efforts to boost the burgeoning hydrogen economy.
Hydrogen has emerged as one of the alternatives to fossil fuels amid global campaigns to reduce emissions of greenhouse gases, which scientists say are to blame for global warming.
In January, South Korea said it will increase the number of hydrogen fuel cell electric vehicles to about 80,000 units by 2022 as part of a broader effort to boost the hydrogen economy.
A hydrogen fuel cell electric car only releases water vapor as it converts stored hydrogen into electricity to turn the motor.