By 2050, hydrogen energy is expected to generate USD 2.5 trillion per year in added value and create 30 million new jobs (cumulative figure). Worldwide demand for hydrogen energy will also skyrocket from 8EJ in 2015 to 78EJ in 2050, which means hydrogen energy will account for 18% of all energy demand.
※ McKinsey and Company forecast (2018)
Hydrogen is an absolutely necessary factor for Korea as it transitions into a clean energy society moving forward. More specifically, hydrogen is expected to serve the following roles to help stimulate industrial development and improve the living standards of people across the country
First, Korea can leverage its advanced technology to play a leading role in the rapidly growing global hydrogen energy market. Korea has already made significant inroads in terms of FCEV and fuel cell technology.
Second, hydrogen can serve a crucial role in helping various sectors (e.g. power generation, transportation, industrial processes, building management, etc.) in Korea move away from carbon-based energy sources.
Third, hydrogen can diversify Korea’s portfolio for energy sources and hence, bolster its national security.
Hydrogen is an energy carrier that can be produced using renewable energy, then stored and transported in massive quantities.
According to the “Roadmap for the Korean Hydrogen Industry” developed by McKinsey and Company, hydrogen is forecasted to bring KRW 70 trillion per year in terms of economic benefits and create approximately 600,000 jobs by 2050.
2050 Roadmap for the Korean Hydrogen Industry
Similarly, the Korean government has forecasted that hydrogen will create roughly KRW 43 trillion per year in economic benefits by 2040 and create approximately 420,000 jobs based on its own roadmap towards a hydrogen economy.