As global energy demands continue to weigh on the world, there is ongoing pressure to find solutions that are clean, practical, and affordable. This is where hydrogen comes in, as this rising source of power could account for up to 12% of global energy use by 2050.
Continuing our “getting to know” series, let’s take a closer look at hydrogen. This will be the first of two parts. This first part will focus on the countries that are helping to drive the hydrogen economy and hydrogen prospects. Part 2 will look at the hydrogen ecosystem.
How much do you know about hydrogen?
The rising hydrogen economy has been described as a global race to turn water into fuel. While it’s true that hydrogen does only leave behind water when it’s used to make energy, it is in fact the simplest member of the family of chemical elements. Yet, although it’s all around us in its gas form, the process of producing hydrogen for energy consumption can be polluting when it relies on fossil fuels.
As we previously explored, green hydrogen solves that problem because it’s extracted from water by electrolysis. The electricity used for this process needs to be from a renewable energy source in order for the resulting hydrogen to be “green” – and according to Fatih Birol, the head of the International Energy Agency, “green hydrogen needs to be part of the game” if the world wants to limit global warming. Let’s take a closer look at hydrogen, which has emerged as a game changer.
Where does Samsung C&T fit in?
Samsung C&T is strengthening partnerships with competent companies in each value chain in the green hydrogen field to introduce and utilize overseas clean hydrogen.
In 2022, Samsung C&T signed a business agreement with Namhae Chemical Corporation, Doosan Enerbility, and LG Chem for the production and utilization of clean ammonia-based hydrogen. In addition, Samsung C&T signed an eco-friendly maritime transportation business agreement with KSS Line and a clean hydrogen business agreement with Malaysian Petronas Hydrogen. As such, Samsung C&T is expanding cooperation with leading domestic and foreign companies throughout the development of the hydrogen industry value chain.
Meanwhile, Samsung C&T is strengthening its eco-friendly business portfolio, such as supplying hydrogen, solar power, and secondary battery materials, while continuing its efforts to discover new growth engines in promising areas. In the future, the company plans to actively work to improve its social contributions and lay the foundation for growth by expanding collaboration with various competent partners and discovering new businesses.
So, while the coming decades look bright for hydrogen, we will look at the ecosystem in more detail in part two of this article.