Abstract
The utilization of renewable energy sources for hydrogen production is attracting attention regarding a sustainable future energy system. The South Korean Government aims to develop and commercialize marine biological hydrogen (MBH) technology, which produces hydrogen using marine hyperthermophilic archaeons. The purpose of this study is to perform an economic evaluation of MBH technology based on households’ mean willingness to pay (WTP). The contingent valuation method and cost–benefit analysis are used as methodologies for detailed analysis. The results show that the mean WTP estimate is KRW 2508 (USD 2.14) per household per year, but the ratio of households with zero WTP is considerable. The net present value and the benefit–cost ratio of MBH technology development are KRW 169.04 billion (USD 144.35 million) and 5.65, respectively, proving the high economic feasibility of the technology. Several implications for future decisions on MBH technology are provided based on the results.
| Original language | English |
|---|---|
| Pages (from-to) | 12907-12917 |
| Number of pages | 11 |
| Journal | International Journal of Hydrogen Energy |
| Volume | 44 |
| Issue number | 26 |
| DOIs | |
| State | Published - 21 May 2019 |
UN SDGs
This output contributes to the following UN Sustainable Development Goals (SDGs)
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SDG 7 Affordable and Clean Energy -
SDG 15 Life on Land
Keywords
- Contingent valuation
- Cost–benefit analysis
- Marine bio-hydrogen
- Public value
- Willingness to pay
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