Hyundai Motor Group Executive Vice Chairman Chung Euisun has proposed three requirements to realizing a hydrogen-powered society during a global business meeting in Paris.
In the Hydrogen Council’s general meeting, Chung suggested three key methods to promote the use of hydrogen as alternative energy, Hyundai said in a statement.
They are: cost reduction through the development of related technologies, increased public awareness of the alternative energy and its merits, and the establishment of systems that ensure the safety of the energy source.
A McKinsey report said the production costs for hydrogen energy would be halved within the next 10 years, helped by a rapid development of hydrogen-related technologies.
It also said using hydrogen for transport and other industries could reduce carbon emissions by 6 billion tons every year and create 30 million new jobs by 2050.
The Hydrogen Council was first launched in January 2017 and aims to boost investment in the development and commercialization of the hydrogen and fuel cell sectors.
In January last year, Chung began his co-chairmanship of the council along with Benoit Potier, CEO of France-based industrial gas supplier Air Liquide S.A.
The council, which started with 13 member companies, now has 28 member firms, including such big names as BMW and Toyota Motor Corp.
To maintain their lead in the hydrogen push, Hyundai and its 124 suppliers will collectively invest 7.6 trillion won (US$6.7 billion) in hydrogen fuel cell electric car-producing facilities and related R&D activities by 2030.