South Korea Lenders Will End Support for Coal

Affiliates of one of South Korea’s largest business conglomerates announced they no longer will provide financial support for coal projects, putting in jeopardy plans to finish a 2,100-MW coal-fired power plant project that has been expected to come online in 2024.

The six financial affiliates of the Hanwha Group, during a video conference on Jan. 5, pledged to divest any investments in future coal projects, both in South Korea and elsewhere. The six in a news release also said they “will not purchase any corporate bonds issued for the construction of domestic and foreign coal plants.”