Transactions of the Korean hydrogen and new energy society (한국수소및신에너지학회논문집)

The Korean Hydrogen and New Energy Society (한국수소및신에너지학회)
권호 표지
DOI QR코드

DOI QR Code

Measuring the Economic Impacts of Hydrogen Economy in South Korea: An Input-output Approach

산업연관분석을 이용한 수소경제의 경제적 파급 효과 분석

  • SU-BIN CHOI (Department of Future Energy Convergence, College of Creativity and Convergence Studies, Seoul National University of Science & Technology) ;
  • JU-HEE KIM (Department of Future Energy Convergence, College of Creativity and Convergence Studies, Seoul National University of Science & Technology) ;
  • SEUNG-HOON YOO (Department of Future Energy Convergence, College of Creativity and Convergence Studies, Seoul National University of Science & Technology)
  • 최수빈 (서울과학기술대학교 미래에너지융합학과) ;
  • 김주희 (서울과학기술대학교 미래에너지융합학과) ;
  • 유승훈 (서울과학기술대학교 미래에너지융합학과)
  • Received : 2023.09.05
  • Accepted : 2023.10.20
  • Published : 2023.10.30
Download PDF
⟨ Previous Next ⟩

Abstract

The Korean government is actively promoting the hydrogen industry as a key driver of economic growth. This commitment is evident in the 2019 hydrogen economy activation roadmap and the 2021 basic plan for hydrogen economy implementation. This study quantitatively analyzes the economic impact of the hydrogen economy using input-output analysis based on the Bank of Korea's 2019 input-output table, projecting its size by 2050. Four parts dealt with production-inducing, value-added creation, employment-inducing, and wage-inducing based on a demand-driven model. The results reveal that transportation had the most remarkable economic effect throughout the hydrogen economy, and production was the least. The hydrogen economy is projected to reach 71.2 trillion won by 2050.

Keywords

Acknowledgement

본 연구는 2022년도 정부(교육부)의 재원으로 수소융합얼라이언스의 지원을 받아 수행된 연구임(2022 수소연료전지-004, 수소연료전지 혁신인재양성사업).

References

  1. G. Chen, X.. Tu, G. Homm, and A. Weidenkaff, "Plasma pyrolysis for a sustainable hydrogen economy", Nature Reviews Materials, Vol. 7, 2022, pp. 333-334, doi: https://doi.org/10.1038/s41578-022-00439-8.
  2. V. A. Goltsov and T. N. Veziroglu, "From hydrogen economy to hydrogen civilization", International Journal of Hydrogen Energy", Vol. 26, No. 9, 2001, pp. 909-915, doi: https://doi.org/10.1016/S0360-3199(01)00045-3.
  3. J. O'M Bockris , "The origin of ideas on a Hydrogen Economy and its solution to the decay of the environment", International Journal of Hydrogen Energy, Vol. 27, No. 7-8, 2002, pp. 731-740, doi: https://doi.org/10.1016/S0360-3199(01)00154-9.
  4. S. Milciuviene, D. Milcius, and B. Praneviciene, "Towards hydrogen economy in Lithuania", International Journal of Hydrogen Energy, Vol. 31, No. 7, 2006, pp. 861-866, doi: https://doi.org/10.1016/j.ijhydene.2005.08.005.
  5. U. K. Mirza, N. Ahmad, K. Harijan, and T. Majeed, "A vision for hydrogen economy in Pakistan", Renewable and Sustainable Energy Reviews, Vol. 13, No. 5, 2009, pp. 1111-1115, doi: https://doi.org/10.1016/j.rser.2008.08.005.
  6. G. Glenk and S. Reichelstein, "Economics of converting renewable power to hydrogen", Nature Energy, Vol. 4, 2019, pp. 216-222, doi: https://doi.org/10.1038/s41560-019-0326-1.
  7. International Energy Agency (IEA), "Net Zero by 2050: a roadmap for the global energy sector", IEA, 2021. Retrieved from https://www.iea.org/reports/net-zero-by-2050.
  8. Korea Ministry of Trade, Industry and Energy (MOTIE), "Roadmap to vitalize the hydrogen economy", MOTIE, 2019. Retrieved from https://www.motie.go.kr/motie/py/td/Industry/bbs/bbsView.do?bbs_cd_n=72&cate_n=1&bbs_seq_n=210222.
  9. S. Y. Lim and S. H. Yoo, "The impact of electricity price changes on industrial prices and the general price level in Korea", Energy Policy, Vol. 61, 2013, pp. 1551-1555, doi: https://doi.org/10.1016/j.enpol.2013.06.129.
  10. H. Garrett-Peltier, "Green versus brown: comparing the employment impacts of energy efficiency, renewable energy, and fossil fuels using an input-output model", Economic Modeling, Vol. 61, 2017, pp. 439-447, doi: https://doi.org/10.1016/j.econmod.2016.11.012.
  11. Y. Lechon, C. de la Rua, I. Rodriguez, and N. Caldes, "Socioeconomic implications of biofuels deployment through an input-output approach. A case study in Uruguay", Renewable and Sustainable Energy Reviews, Vol. 104, 2019, pp. 178-191, doi: https://doi.org/10.1016/j.rser.2019.01.029.
  12. M. Ram, A. Aghahosseini, and C. Breyer, "Job creation during the global energy transition towards 100% renewable power system by 2050", Technological Forecasting and Social Change, Vol. 151, 2020, pp. 119682, doi: https://doi.org/10.1016/j.techfore.2019.06.008.
  13. F. Luo, Y. Guo, M. Yao, W. Cai, M. Wang, and W. Wei, "Carbon emissions and driving forces of China's power sector: input-output model based on the disaggregated power sector", Journal of Cleaner Production, Vol. 268, 2020, pp. 121925, doi: https://doi.org/10.1016/j.jclepro.2020.121925.
  14. J. H. Kim, S. Y. Kim, and S. H. Yoo, "Economic effects of individual heating system and district heating system in South Korea: an input-output analysis", Applied Sciences, Vol. 10, No. 15, 2020, pp. 5037, doi: https://doi.org/10.3390/app10155037.
  15. J. H. Kim and S. H. Yoo, "Comparison of the economic effects of nuclear power and renewable energy deployment in South Korea", Renewable and Sustainable Energy Reviews, Vol. 135, 2021, pp. 110236, doi: https://doi.org/10.1016/j.rser.2020.110236.
  16. D. H. Lee, D. J. Lee, and L. H. Chiu, "Biohydrogen development in United States and in China: an input-output model study", International Journal of Hydrogen Energy, Vol. 36, No. 21, 2011, pp. 14238-14244, doi: https://doi.org/10.1016/j.ijhydene.2011.05.084.
  17. D. Chun, C. Woo, H. Seo, Y. Chung, S. Hong, and J. Kim, "The role of hydrogen energy development in the Korean economy: an input-output analysis", International Journal of Hydrogen Energy, Vol. 39, No. 15, 2014, pp. 7627-7633, doi: https://doi.org/10.1016/j.ijhydene.2014.03.058.
  18. W. Leontief, "Environmental repercussions and the economic structure: an input-output approach", The Review of Economics and Statistics, Vol. 52, No. 3, 1970, pp. 262-271, doi: https://doi.org/10.2307/1926294.
  19. R. E. Miller and P. D. Blair, "Input-output analysis: foundations and extensions", Cambridge University Press, United Kingdom, 2009.
  20. M. Llop, "Energy import costs in a flexible input-output price model", Resource and Energy Economics, Vol. 59, 2020, pp. 101130, doi: https://doi.org/10.1016/j.reseneeco.2019.101130.
  21. W. K. Jun, M. K. Lee, and J. Y. Choi, "Impact of the smart port industry on the Korean national economy using inputoutput analysis", Transportation Research Part A: Policy and Practice, Vol. 118, 2018, pp. 480-493, doi: https://doi.org/10.1016/j.tra.2018.10.004.
  22. S. Y. Han, S. H. Yoo, and S. J. Kwak, "The role of the four electric power sectors in the Korean national economy: an inputoutput analysis", Energy Policy, Vol. 32, No. 13, 2004, pp. 1531-1543, doi: https://doi.org/10.1016/S0301-4215(03)00125-3.
  23. International Energy Agency (IEA), "The future of hydrogen: seizing today's opportunities", IEA, 2019. Retrieved from https://www.iea.org/reports/the-future-of-hydrogen.
  24. International Energy Agency (IEA), "Hydrogen", IEA, 2021. Retrieved from https://www.iea.org/reports/hydrogen.
  25. International Energy Agency (IEA), "Global hydrogen review 2021", IEA, 2021. Retrieved from https://www.iea.org/reports/global-hydrogen-review-2021.
  26. International Energy Agency (IEA), "Greenhouse gas emissions from energy data explorer", IEA, 2022. Retrieved from https://www.iea.org/data-and-statistics/data-tools/greenhouse-gas-emissions-from-energy-data-explorer.
  27. Hydrogen Council, "Path to hydrogen competiveness: a cost perspective", Hydrogen Council, 2021. Retrieved from https://hydrogencouncil.com/en/path-to-hydrogen-competitiveness-a-cost-perspective/.
  28. Hydrogen Council, "Hydrogen insights 2021", Hydrogen Council, 2021. Retrieved from https://hydrogencouncil.com/en/hydrogen-insights-2021/.
  29. I. S. Jeong, "ASTI market insight 23", Korea Institute of Science and Technology Information, 2022. Retrieved from https://repository.kisti.re.kr/handle/10580/16742.
  30. Ministry of SMEs and Startups (MSS), "Technology roadmap for SME", MSS, 2021. Retrieved from http://smroadmap.smtech.go.kr/.