Japan, Korea to jointly invest in hydrogen supply: Nikkei

JAPAN and South Korea will work together to jointly invest and develop ammonia and hydrogen supply projects, Nikkei reported, as the nations eye the next-generation fuel to transition to cleaner sources.  

Government-backed financial institutions will aid the two nations’ companies in raising funds for overseas projects in regions including the Middle East, the report said, without citing where it got the information. The countries will collaborate to leverage their ability to negotiate price for the fuels, it said. 

The two nations are seeking to use ammonia and hydrogen as a tool to decarbonise hard-to-abate industries, including steel and cement-making. Japanese power producers are planning to co-fire ammonia and hydrogen with coal and natural gas in power plants for electricity, though critics point out that the technology will still be costly and not curb enough emissions.  

Japanese Prime Minister Fumio Kishida and South Korean President Yoon Suk Yeol will announce the plan – called the Hydrogen Ammonia Global Value Chain – on Nov 17 during their visit to the US for the Asia-Pacific Economic Cooperation forum, the report said. BLOOMBERG