Gangdong-gu Joins Designation as a 'Coal-Free Treasury'

Declaration of Participation at the '2020 International Conference on Climate Crisis Response and Coal Phase-Out' on the 8th... Climate Crisis, Time to Act Now... Leading Coal Phase-Out Policies

[Asia Economy Reporter Park Jong-il] Gangdong-gu (Mayor Lee Jeong-hoon) has expressed its active intention to participate in the designation of the ‘National Coal Phase-out Treasury’ to proactively respond to the climate crisis and move towards a sustainable carbon-neutral city.

On the 8th, Gangdong-gu attended the opening ceremony of the ‘2020 Coal Phase-out Climate Crisis Response International Conference’ held at Splash Resort in Yesan-gun, Chungnam Province, hosted by Chungnam Province and sponsored by the Ministry of Environment, and declared itself a ‘Coal Phase-out Treasury.’

The Coal Phase-out Treasury is a policy that encourages financial institutions, which have a significant impact on investments in coal-fired power generation, to invest in coal phase-out and renewable energy by giving preferential treatment to banks when selecting treasuries operated by local governments and others.

Gangdong-gu plans to take the lead in spreading ‘climate finance’ that reduces greenhouse gas emissions and realizes a low-carbon economy based on this declaration.

Lee Jeong-hoon, Mayor of Gangdong-gu, said, “The climate change crisis is not a future issue but an immediate problem, and bold action is needed more than ever for energy transition. Gangdong-gu has taken the lead in responding to the climate crisis, including establishing the Green Energy Division, the only dedicated energy policy department among Seoul’s autonomous districts. We will prepare a coal phase-out implementation roadmap and accelerate the realization of the Gangdong-type Green New Deal to create a ‘Green City Gangdong’ where current and future generations coexist.”

The ‘2020 Coal Phase-out Climate Crisis Response International Conference’ is held until the 9th under the theme ‘Green New Deal and Just Transition in the Era of Climate Crisis.’ Forty-nine participants from international organizations, government agencies, and environmental groups attended the event.

This content was produced with the assistance of AI translation services.