IFC and Korean institutions explore hydrogen potential in emerging markets
Korea aims to support its transition to a net-zero future.
Green hydrogen, a variety of hydrogen produced from renewable sources, is critical for shifting to zero-carbon energy and reducing greenhouse gas (GHG) emissions in many economies, including Korea. This can further help unlock new economic opportunities in emerging markets, emphasized today’s experts at an investment conference.
Organized by IFC and the Korea Chamber of Commerce and Industry (KCCI), the ‘Investing in Green Hydrogen’ event 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.
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.
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.
Il Young Park, Deputy Minister for International Affairs, Ministry of Economy and Finance of the Republic of Korea, said, “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.”
Taehee Woo, Vice Chairman, KCCI, said, “Korean companies established Korea H2 Business Summit and promote business cooperation and massive investment to build a hydrogen ecosystem.”
Alfonso Garcia Mora, IFC’s Regional VP for Asia Pacific, said, “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.”