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From Hyundai to SK, top Korean companies join hands on hydrogen

15-member business summit kicks off with plans to invest $37bn by 2030

Leaders of South Korea's best-known companies launched a business council on Sept. 8. (Photo courtesy of Korea H2 Business Summit)

SEOUL/TOKYO -- Fifteen of South Korea's best-known companies, including Hyundai Motor, SK Group and Posco, launched a business council Wednesday to promote the domestic hydrogen industry and tap the growing global movement toward decarbonization.

The council, called the Korea H2 Business Summit, will discuss challenges facing the industry and offer policy recommendations to the South Korean government. Members will invest 43.4 trillion won ($37.3 billion) by 2030 to build supply chains and other infrastructure for hydrogen in a range of uses, from fuel cell vehicles to power plants.

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