Essay in NBR Special Report 112
The Re-emergence of Energy Security and the Role of the Hydrogen Economy
A South Korean Perspective
This essay explores the role of the hydrogen economy in response to the recent re-emergence of energy security in the global and the South Korean context and considers the hydrogen economy as one of the most feasible options to build a sustainable energy system.
EXECUTIVE SUMMARY
MAIN ARGUMENT
The re-emergence of energy security as a central concern has necessitated the exploration of alternative and sustainable energy sources. Hydrogen, as an energy carrier, has drawn significant attention due to its potential to decarbonize various sectors and ensure long-term energy security. South Korea’s strategic investments and policies demonstrate a strong commitment to fostering a sustainable hydrogen economy. However, significant challenges remain, including high production costs, technological immaturity, and infrastructure development. Addressing these challenges requires continued government support, international collaboration, and advancements in hydrogen technologies. By leveraging the potential of the hydrogen economy, South Korea could enhance its energy security and contribute to global efforts to achieve a low-carbon, sustainable energy future.
POLICY IMPLICATIONS
- Hydrogen, as an energy carrier, offers a promising solution to decarbonize various sectors and ensure long-term energy security. South Korea’s strategic investment supported by ambitious policies demonstrates a strong commitment to fostering a sustainable hydrogen economy.
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There is a need for a market for the excess electricity generated by renewable energy to be converted into hydrogen.
- A life-cycle hydrogen ecosystem based on hydrogen supply chains in South Korea is required for a full-fledged hydrogen economy to materialize, which would help address long-term energy security concerns while achieving carbon neutrality by 2050.
- International cooperation with countries that have advanced hydrogen technologies is another critical component of South Korea’s strategy to accelerate the transition to a hydrogen economy.
Kyung-Jin Boo is a Research Professor in the International Energy Policy Program at Seoul National University in South Korea. He has worked at the Korea Energy Economic Institute for over 30 years to develop national energy plans.
