Seoul, Republic of Korea, May 31, 2022—Green hydrogen, a variety of hydrogen produced from renewable sources, is critical for the shift to zero-carbon energy and to reduce the greenhouse-gas (GHG) emissions in many economies including Korea. This can further help unlock new economic opportunities in emerging markets, emphasized experts at an investment conference today.
Organized by IFC and the Korea Chamber of Commerce and Industry (KCCI), the event, 'Investing in Green Hydrogen,' brought together over 150 thought leaders from across corporates, governments, think tanks, donors, investors, and multilateral development banks (MDBs).
As the global urgency to deliver clean energy alternatives and decarbonize grows, green hydrogen could play an important role in this transition, particularly in developing countries where access to local fuels and other firm low-carbon resources may be limited.
Referring to the government's launch of a 'Hydrogen Economy Roadmap' in January 2019 and the subsequent regulatory framework in 2020, Il Young Park, Deputy Minister for International Affairs, Ministry of Economy and Finance of the Republic of Korea, said, "Our goal is to support the country's transition to a net-zero future. I am pleased that today's conference offers a platform for stakeholders from both public and private sectors to explore ways to scale up green hydrogen for a resilient and sustainable economy."
Korean companies established Korea H2 Business Summit and promote business cooperation and massive investment to build a hydrogen ecosystem" said Taehee Woo, Vice Chairman, KCCI. "The administration needs to take an active role in building a foundation of the hydrogen economy to promote technology development and investment."
Even before the COVID-19 pandemic, trillions of dollars were needed in investments to help developing countries achieve their Sustainable Development Goals. The post-pandemic recovery is spurring green and sustainability-related projects, including renewable energy, green urban infrastructure, and climate-smart agriculture. IFC estimates that investment opportunities in emerging markets could generate over $10 trillion by 2030 and create over 200 million jobs in green sectors.
"With a strong resolve to address climate change, IFC is actively working to identify green hydrogen opportunities in emerging markets while exploring partnerships that support our efforts," said Alfonso Garcia Mora, IFC's Regional Vice President for Asia Pacific. "Drawing from our extensive global experience, we need to step up efforts to devise innovative financial instruments that can meet the unique needs of this sector, making it commercially and environmentally viable in the long run."
The conference is part of IFC's ongoing efforts to promote sustainable Korean solutions that support a green and inclusive recovery in emerging markets. Over the past six decades, IFC has invested in clean energy, sustainable cities, climate-smart agriculture, green buildings, and green finance. In Korea, since re-establishing its presence in 2014, IFC has provided financing worth over $6.7 billion of long-term commitments for projects involving Korean partners and banks.
About IFC
IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2021, IFC committed a record $31.5 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of the COVID-19 pandemic. For more information, visit www.ifc.org.
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About KCCI
KCCI is the oldest and largest business organization in Korea. Established as a public legal entity by a special act, the KCCI is composed of 73 regional chambers of commerce and more than 100 major institutions and organizations that are related to commerce and industry. KCCI is Korea's representative business advocate to the government and National Assembly and acts as a channel of communication between companies and the two public entities. Also, the KCCI offers business management services including economic outlook & business information publications, business counseling & consulting services and practical & vocational training courses to CEOs, executives and staffs. For more information, visit www.korcham.net.
