Korea has set an ambitious target of installing 12 GW offshore wind capacity by 2030. In September 2020, Korean President Moon Jae-in further announced the Green New Deal which targets net zero emissions by 2050. With this MoU, Ørsted takes another significant step, in addition to the company’s flagship Incheon projects, in pioneering renewable energy development in Korea and supporting Korea in the country’s transition to clean energy.
Ørsted has a well-established relationship with POSCO, whose steel business has been one of the strategic global suppliers and a trusted partner supplying over 100,000 tons of steel for Ørsted’s Hornsea 1 and three other offshore wind farms. In December 2020, POSCO Group joined the Korean government’s decarbonisation declaration, announcing its ambition to become a leading renewable hydrogen company and reaching carbon neutrality by 2050.
Jung-son Chon, POSCO Group Senior Executive Vice President, said, “POSCO has placed its hydrogen business as one of our growth engines for the group and is working to discover renewable hydrogen business opportunities. We hope to see our renewable hydrogen business pick up speed through this business collaboration with Ørsted. Combining the operational know-hows of Ørsted, a global company in the field of offshore wind and renewable hydrogen, with the business capabilities of POSCO Group, which includes construction and energy, both companies will be able to create synergies for a win-win collaboration.”