ESG & Investing
Korea’s $800 Billion Pension Fund Will Start Exiting Coal Firms
- Retirement fund to tighten screening of coal-linked investment
- Climate activists call for NPS to take more stringent measures
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South Korea’s National Pension Service, the world’s third-largest retirement fund, will need to sell holdings in some overseas coal producers and potentially the nation’s state-run utility under stricter climate policies.
The NPS will stop investing in companies that get more than 50% of their three-year average revenue from coal-fired power generation or production of the fuel, the welfare ministry said Thursday. The restrictions will come into force from next year for overseas companies and from 2030 for domestic firms.