Executive Vice Chairman Euisun Chung of Hyundai Motor Group has been appointed as the new co-chairman of the Hydrogen Council, a global coalition with more than 50 prominent energy, transport and industry partners with a shared vision on the integral role of hydrogen in a clean energy transition.
By the end of 2018 Hyundai Motor Group confirmed the announcement of the FCEV Vision 2030 plan to intensify the development of a hydrogen company by using the fuel cell technologies of the group. In his new role, Chung calls for increased international cooperation to tackle global climate problems using hydrogen technology. Hyundais FCEV Vision 2030 includes a plan to drastically increase the annual production capacity for fuel cell systems to 700,000 units by 2030. With this, Hyundai Motor Group anticipates the expected stormy growth in demand for cars with a fuel cell.
The demand for fuel cell systems will increase drastically in other sectors in the coming years. Hyundai Motor Group wants to respond to this by further expanding its activities in the field of hydrogen technology. For that reason, Hyundai Motor Group is researching new business opportunities for supplying fuel cell systems to the transport sector, the energy generation sector and the storage system sector.
Chung shares the co-chairmanship with Air Liquide chairman Benoit Potier. In an official blog of the World Economic Forum (WEF) - published at the annual meeting in Davos, Switzerland - Chung and Potier emphasize the need for multilateral cooperation to accelerate global hydrogen development. The Co-Presidents maintain the view that public-private partnerships are the only way to convert the hydrogen economy from an idea to a real catalyst for energy transition. Through the joint leadership of the Hydrogen Council with Potier, Chung hopes to contribute to the realization of an emission-free hydrogen energy company that will help tackle global climate challenges for future generations.
The Hydrogen Council was the first of its kind to be established in Davos in 2017 during the World Economic Forum 2017 and fits in perfectly with the achievement of the climate targets as agreed in the Paris Climate Agreement. The Hydrogen Council is an international operating body in which various key players such as governments, international agencies and the private sector are active, to highlight the benefits of hydrogen technology and at the same time develop a strategic plan to invest heavily in the commercialization of hydrogen solutions. to accelerate the world scale.
When hydrogen is produced from renewable and low-carbon sources such as solar and wind energy - as well as technologies and solutions for carbon storage (CCS) - hydrogen has no CO2 emissions at the time of use. As noted by a recent McKinsey report, hydrogen can cover 18 percent of global energy demand on a larger scale. The Hydrogen Council predicts that annual demand for hydrogen will increase tenfold by 2050, creating jobs and strengthening economies.