Two Korean pension funds to boycott coal finance
Korea’s Teachers’ Pension and Government Employees Pension System announced they will not consider financing any new coal-fired power plants, becoming the first Korean financial institutions to boycott coal financing amid the global movement to tackle climate change and air pollution problems.
Although the two hold no history of having invested in coal projects in the past, their refusal to participate in any future projects can be a catalyst for other institutions to follow suit, according to environmental activists.
In Korea, the National Pension Service, Korea Development Bank, NongHyup Financial Group and Industrial Bank of Korea are main investors for local coal projects, while the Export-Import Bank of Korea, K-sure and Korea Development Bank are linked to projects overseas.
Korea has faced growing calls from international society, including World Wide Fund for Nature and Greenpeace, to stop financing coal projects, which are considered a main culprit in fine dust that causes around 800,000 deaths per year.
Read more @Korea Herald