Changwon Chamber of Commerce Appeals to National Assembly for Careful Review of 'Four Laws Amendment to Ban Overseas Coal Power Investment'

Export Ban at a Time When a Foothold Must Be Established for Entry into Power Markets in Southeast Asia?

[Asia Economy Yeongnam Reporting Headquarters Reporter Hwang Choi Hyun-joo] The Changwon Chamber of Commerce and Industry issued an appeal to the National Assembly on the 21st regarding the ‘Amendment Bills to Prohibit Overseas Coal Power Plant Investment’.

The reason Changwon Chamber of Commerce issued the appeal is that on July 28, Democratic Party lawmakers Kim Seong-hwan, Min Hyung-bae, Woo Won-sik, and Lee So-young proposed the ‘Four Bills to Prohibit Overseas Coal Power Plant Investment,’ which explicitly ban investments by public institutions, including public finance, in the construction of overseas coal power plants.

Through the appeal, Changwon Chamber stated, “We cannot help but feel regret upon hearing the news that four amendment bills have been proposed in the National Assembly, which prohibit not only the participation and investment of Korea Electric Power Corporation and domestic financial institutions in overseas coal-fired power plant projects but also the promotion of projects related to future operation and life extension.”

They added, “Currently, coal-fired power generation technology is at the world’s highest level, but the coal power industry can no longer operate domestically. Banning exports, which are the only source of revenue for these companies, is like telling farmers not to farm.”

The Changwon Chamber mentioned that this is a time to establish a foothold for entering the power markets of emerging industrial countries, including Southeast Asia, where electricity demand is rapidly increasing.

They foresee that securing a leading position in the power generation market in these regions will positively impact not only coal power but also the export of large gas turbines recently developed with domestic technology.

Therefore, they pointed out that South Korea possesses excellent technology recognized even by the OECD, which restricts coal power exports, and that countries requiring coal power plants will inevitably build them regardless of whether South Korea or another country participates. They argued that this will rather lead to increased environmental pollution globally.

Finally, the Changwon Chamber appealed, “While we sympathize with the fundamental intent of the government’s ‘Green New Deal’ policy, caution is greatly required as related companies and workers exist. We ask for careful consideration in passing the bills so that South Korea’s thermal power industry companies, which possess world-class technology, can participate in overseas coal power projects and contribute to national development.”

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