Hyundai Motor Group chief calls for global effort toward ‘hydrogen economy’

Chung Eui-sun touts hydrogen economy as ‘certain solution’ for successful energy transition

Published : Jun 16, 2019 - 15:42 Updated : Jun 16, 2019 - 17:34

Chung Eui-sun, Hyundai Motor Group executive vice chairman, called for world leaders to take action for the hydrogen-focused energy transition during the Group of 20 meeting of environment and energy ministers Saturday.

Chung, who co-chairs the Hydrogen Council, was invited to exchange views on the global energy paradigm and to analyze the role and possibilities of hydrogen energy, Hyundai Motor Group said Sunday. The council comprising some 60 companies is a global CEO-level initiative for global hydrogen deployment, which kicked off at the 2017 World Economic Forum.

During a luncheon in Japan’s Nagano for environment and energy ministers from some 20 countries and global CEOs attending this year’s G-20 minister-level meeting, Chung addressed the need to turn to hydrogen to reduce carbon dioxide emissions and prevent global warming.

Hyundai Motor Group Executive Vice Chairman Chung Eui-sun speaks during a luncheon hosted by the Hydrogen Council as part of the G-20 meeting for environment and energy ministers in Nagano, Japan, Saturday. (Hyundai Motor Group)

“For a sustainable Earth, we need immediate action, not just fancy words or research,” Chung said in his opening remarks, adding that the “hydrogen economy is the certain solution for the future’s successful energy transition.”

According to the Hydrogen Council, hydrogen will account for 20 percent of the world’s total energy demand by 2050. Expanded hydrogen use will reduce annual carbon dioxide emissions by 6 billion tons, which would amount to 20 percent of the total carbon dioxide reduction amount needed to limit the increase of global temperatures to 2 degrees Celsius.

The related industry could create market value of some $2.5 trillion and employ 30 million people, the council said.

Emphasizing the need for multilateral cooperation for global hydrogen deployment, Chung stressed the necessity of cooperation between governments, industries and companies, saying world leaders from all sectors can implement the hydrogen economy.

He also highlighted the infrastructure of the hydrogen economy and suggested that the private and public sectors make swift and effective investments, though infrastructure may seem costly in the early stages.

“As part of society, we have a responsibility to secure a cleaner environment, energy security, sustainable growth and the preservation of resources for our future generation,” Chung said.

Meanwhile, Hyundai Motor Group said it had prepared five Nexo hydrogen fuel cell electric cars for the two-day G-20 meeting, showcasing its sustainable model for the first time in Japan.

Global sales of Nexo have risen in recent months, the company said, adding that a total of 1,000 Nexo cars have been sold as of last month, surpassing the total sales figure for 2018.

“Hydrogen fuel cell cars will become a core trigger to lead overall technology for the future energy paradigm shift. Our technology leadership secured from hydrogen fuel cell cars will be expanded to numerous sectors,” said a Hyundai Motor official.

By Kim Da-sol (ddd@heraldcorp.com)