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Top Coal Funder Korea Draws Critique for Slow Phase-Out Plans

  • Activist group finds finance firms have insufficient policies
  • Most pledges to stop financing coal focus on new projects

Financial institutions in South Korea, one of the world’s top funders of coal, have failed to keep up with their global peers in setting policies to exit the dirtiest fossil fuel, an activist group said.

Seoul-based non-profit Solutions for Our Climate assessed 100 companies, including banks, asset managers, securities firms and insurers in South Korea, and found 97 of them have insufficient policies in place to phase out coal. While nearly two-thirds have made pledges to exit coal, those actions are only related to new projects, the report showed.