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S. Korea, UAE expand collaboration in hydrogen industry
South Korea and the UAE have agreed to joint venture into hydrogen and other sustainable resources in line with their carbon reduction goals.
According to South Korea's Industry Minister Sung Yun-mo, who held a virtual meeting with his UAE counterpart, Sultan Ahmed Al Jaber, the two countries can broaden ties in the green energy segment, including hydrogen.
He added that South Korea is actively rolling out projects in the Green New Deal, one of four pillars of the country's efforts to invest 160 trillion won by 2025 to create 1.9 million jobs and jumpstart the economy.
South Korea plans to achieve carbon neutrality by 2050.
Automobiles running on hydrogen only create water in the process of generating power.
Hydrogen can be produced as a by-product of industrial facilities, such as petrochemical plants.
The UAE is South Korea's 24th-largest export partner in 2020, with outbound shipments to the Middle Eastern country reaching $3.6 billion in 2020, up 5.5 percent from 2019.
South Korea mostly shipped auto parts while importing crude and other petrochemical products from the UAE.