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According to Yonhap News,

(SEJONG=Yonhap News) South Korea's industry ministry said Monday it has agreed with its Australian counterpart to expand ties in promoting hydrogen as the new main source of energy, in line with Seoul's plan to promote sustainable and green economic growth.

South Korea and Australia inked the letter of intent to join forces in a wide scope of areas related to the hydrogen industry, according to the Ministry of Trade, Industry, and Energy.

It marked the fourth deal of its kind signed by South Korea this year, after the government unveiled the so-called hydrogen economy vision in January. Seoul also signed deals with Norway, Saudi Arabia, and Israel.

Under the agreement, the two countries vowed to draw up the so-called hydrogen action plan to vitalize their industries utilizing the gas through 2030.

"South Korea has a strength in the field of hydrogen cars and fuel cells, while Australia is competitive in terms of the supply of the energy," an official from the energy ministry said, claiming the two countries can cooperate in various areas.

Hydrogen is an environment-friendly alternative to fossil fuels as automobiles running on the resource only create water in the process of generating power. It can be produced by processing LNG or as a by-product of industrial facilities, including petrochemical plants.

South Korea has been seeking to build a society that harnesses hydrogen as the main source of energy for vehicles and other daily uses. The policy is considered one of the key projects pursued by the Moon Jae-in administration.

Under the vision, the cumulative number of hydrogen-powered vehicles produced by 2040 will reach 6.2 million units, including 3.3 million units for exports, making South Korea the world's top green carmaker.

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Source: Yonhap News (September 23, 2019)