It's the launch of the first global alliance for the hydrogen industry to be led by South Korea.
H2 Korea, a local hydrogen industry group, on Wednesday announced the establishment of the consultative body, the Global Hydrogen Industrial Association Alliance, also called "GHIAA."
"As the hydrogen economy progresses, there is a growing need for a joint and comprehensive channel to deliver the voice of the people in hydrogen sector at various international forums. As such, I strongly suggest the GHIAA acts as a bridge between intergovernmental organizations and private hydrogen-related enterprises."
The new alliance is made up of 18 private sector hydrogen associations representing major countries including those in Europe, the U.S. and China.
"The alliance led by South Korea plans to create global standards for the hydrogen industry and help with the overseas expansion of hydrogen firms.
It will also hold regular meetings to boost cooperation and stimulate private investment in the industry."
During the inaugural ceremony, member countries shared their views on the hydrogen industry as a whole as well as related government policies.
The U.S. representative said that by the year 2050, the United States is going to see 14 percent of its energy demand coming from hydrogen across a variety of applications and the country is also planning tax benefits.
"We're currently in the middle of a number of conversations for a tremendous, clean energy tax package in the United States that would not just include hydrogen, but a range of clean energy actions."
According to data by Chicago-based management consultancy firm McKinsey, 18 percent of the total energy demand by 2050 could be met by hydrogen production.
The market for hydrogen and related technology is expected to bring in revenues of more than 2.5 trillion U.S. dollars per year with more than 30 million jobs created globally.
During the event, the South Korean government also emphasized the role of hydrogen as being a "game changer" in achieving carbon neutrality by 2050.
"In order for establishing hydrogen economy based on green hydrogen, the government will develop all parts of the ecosystem from its production to distribution and utilization."
He added that, most of all, international cooperation is what will be key to expanding the hydrogen economy.
Eum Ji-young, Arirang News.