Seoul energy storage subsidy policy document

Does South Korea have a clean hydrogen policy?

South Korea is a front-runner in establishing clean hydrogen policy measures through the Clean Hydrogen Power Generation Bidding Market and the Clean Hydrogen Portfolio Standard. However, there is a risk that the current policy framework does not incentivize production and supply of truly low-carbon and green hydrogen.

Will South Korea 'expand tax support' for Clean Hydrogen?

The South Korean government has vowed to “expand tax support” for clean hydrogen, hinting that it will introduce production tax credits modelled after those in the US. Keep up with the latest developments in the international hydrogen industry with the free Accelerate Hydrogen newsletter.

What is Korea's hydrogen economy plan?

In January 2019, Korea announced its Hydrogen Economy Roadmap. The Roadmap outlines goal of producing 6.2 million fuel cell electric vehicles and rolling out at least 1200 refilling stations by 2040. Additionally, the plan aims to roll out on the street at least 35 hydrogen buses in 2019 ramping this number up to 2000 by 2022 and 41000 by 2040.

What is South Korea's hydrogen economy promotion & hydrogen safety management law?

At the beginning of 2020, South Korea’s National Assembly passed the Hydrogen Economy Promotion and Hydrogen Safety Management Law. The legislation, the first of its kind internationally, provided the legal framework for the government’s efforts, including the subsidies that South Korea is providing to the industry.

Will South Korea subsidise hydrogen vehicles?

To encourage the sale of hydrogen vehicles domesti- cally, South Korea’s roadmap calls for subsidizing the pur- chase price of vehicles and investing in R&D. Under South Korea’s subsidy scheme, the level of subsidy would fall as the price of vehicles declines with increased production.

Will Korea become a hydrogen powerhouse in 2022?

During the previous fifth meeting of the Hydrogen Economy Committee meeting in November 2022, the “new Government's hydrogen economy policy directions” were proposed, aiming to create large-scale hydrogen demand, establish clean hydrogen infrastructure and system, and nurture Korea into a hydrogen powerhouse.