Expectation of enacting the Hydrogen Business Law by year-end... Government's 'Hydrogen Control Tower' also expected to be reactivated

Expectations are mounting that the National Assembly will process the 'Hydrogen and Hydrogen Compound Business Law (hereinafter Hydrogen Business Law)' to support the hydrogen industry by year-end. In addition, the government's hydrogen policy control tower, which has been in a state of "store-closed operation" for the past two years, is expected to be reactivated this year, raising expectations among the hydrogen industry.

According to the National Assembly and the hydrogen industry on the 23rd, the National Assembly Hydrogen Economy Forum recently formed a consensus with the Ministry of Climate, Energy and Environment, the relevant ministry, on the need to process the Hydrogen Business Law. Jung Tae-ho, Democratic Party of Korea member and co-chair of the National Assembly Hydrogen Economy Forum, mentioned this fact at a recent forum, stating, "Our goal is to pass the Hydrogen Business Law within this (regular National Assembly) session."

Earlier, on the 2nd, Lee Jong-bae, People Power Party member who serves as co-chair of the National Assembly Hydrogen Economy Forum along with Jeong (Rep.), visited Hyundai Motor and Kia's Namyang Research Institute to express his determination to legislate the Hydrogen Business Law. At that meeting, Jang Jae-hoon, Vice Chairman of Hyundai Motor Group, also requested support from the government and the National Assembly, saying, "The success or failure of the hydrogen economy depends not only on technology and industrial capabilities but also on the predictability and consistency of policies supporting them."

The Hydrogen Business Law is a bill that supports the 'Hydrogen Economy Promotion and Hydrogen Safety Management Act (hereinafter Hydrogen Act),' which was enacted for the first time in the world in 2020. It specifies concrete regulations regarding "corporate entry into hydrogen businesses" and "market formation," which were not included in the Hydrogen Act. Although this bill was expected to be processed quickly after being introduced by Jung Tae-ho, Lee Jong-bae, and others in January last year, it continued to be pushed down in the National Assembly's discussion priorities and has been pending for nearly two years. It is also cited as a reason why the progress of the bill discussion was slow that the Lee Jae-myung administration did not pay much attention to the hydrogen economy.

The hydrogen industry expects that if the Hydrogen Business Law is legislated and the Hydrogen Economy Committee, the government's hydrogen policy control tower, resumes operations, it will be possible to reverse the previously stagnant atmosphere.

The Hydrogen Economy Committee, chaired by the Prime Minister, discusses and decides on key policies related to hydrogen. However, after its launch in 2020, it did not hold a meeting for the first time last year, and this year it has been unable to set up a meeting plan. As criticisms continued, the government decided to consider holding a meeting by year-end. The Ministry of Climate, Energy and Environment stated, "We are currently reviewing the possibility of convening the Hydrogen Economy Committee after selecting new members for the committee, conducting expert discussions, and consulting with relevant ministries, taking into account the changed hydrogen policy direction and industrial conditions."

An industry official said, "Since the market for hydrogen is just beginning to form, interest and support from the government and the National Assembly are absolutely necessary," and added, "We need to draw a new blueprint and supplement detailed policies at this point."