Daily Management Review

South Korea stops funding coal-fired power plants abroad


South Korea will stop funding coal-fired power plants abroad, President Moon Jae-in said Thursday at a virtual climate summit.

Sishir Panthi
Sishir Panthi
"(South) Korea will stop all government funding for overseas coal-fired power plants," President Moon Jae-in said, speaking at a US-organised climate summit attended by more than 40 world leaders. The South Korean president noted that since his administration, the country has significantly reduced the use of coal in the energy sector and intensified its transition to renewable energy sources.

Moon Jae-in recalled that Seoul will host the next P4G climate summit this November, and promised that by the end of the year, South Korea will present its new 2030 emissions reduction target to the UN.

Earlier in December, Seoul announced plans to cut greenhouse gas emissions by 2030 by 24.4 per cent compared to 2017. "We hope to improve this target again," Moon Jae-in said.

The global climate summit is being held in a virtual format at the initiative of US President Joe Biden. The new US administration has announced its return to the global climate change agenda and plans to significantly increase investment in green infrastructure.

source: reuters.com