South Korea’s four major conglomerates Hyundai Motor, SK, POSCO and Hyosung will team up to launch a consultation body for the local hydrogen economy and carbon neutrality. In response to Hyundai Motor Chairman Mr Chung Euisun’s proposal, SK Group Chairman Mr Chey Tae-won and POSCO Chairman Mr Choi Jeong-woo showed support creating so-called the K-hydrogen alliance, in which Hyosung Chairman Mr Cho Hyun-joon joined later. The four conglomerates will launch the consultative body in September to encourage corporate investments and expand the hydrogen industry’s value chain. Hyundai Motor Group, SK Group and POSCO Group will serve as co-chairs of the new consultative body. Hyosung and the other three conglomerates will encourage additional participation of companies that are either operating or planning hydrogen-related projects and investments. They plan to officially launch the consultative body in September after finalizing participating companies by July. The consultative body will play a key role in realizing the hydrogen society by encouraging corporate investments and expanding the hydrogen industry’s value chain.The four conglomerates that led the consultative body have worked hard to expand the base of the local hydrogen industry. Hyundai Motor Group is leading the global market by mass-producing the world’s first hydrogen fuel-cell electric vehicles in 2013. The group plans to annually produce 0.5 million hydrogen fuel-cell electric vehicles and 0.7 million hydrogen-based fuel cell system.SK Group last year set up an in-house unit dedicated to hydrogen business projects. By 2025, the group plans to establish a value chain covering hydrogen production, distribution and consumption in order to become the world’s No. 1 hydrogen energy company. It plans to increase its hydrogen production to 280,000 tons, from 30,000 tons in 2023. POSCO Group aims to expand its annual hydrogen production capacity to 5 million tons by 2050, while achieving 30 trillion won in annual sales by then. By 2050, it aims to reduce carbon emissions to zero by developing an eco-friendly hydrogen-reducing steelmaking method. Hyosung Group has also been promoting the establishment of a value chain covering from hydrogen production to supply. It will secure facilities in Ulsan, which can annually produce 13,000 tons of liquefied hydrogen, while building hydrogen stations in 30 regions across the country.