KEPCO Publishes 'ESG Management Expansion' Report... "Reduction and Suspension of Coal Power Generation"

"Domestic Coal-Fired Power Plants LNG Conversion... Suspension of New Overseas Coal-Fired Power Plant Projects"

A view of the Korea Electric Power Corporation headquarters in Naju, Jeollanam-do. (Photo by Korea Electric Power Corporation)

[Asia Economy Reporter Moon Chaeseok] Korea Electric Power Corporation (KEPCO) published its '2020 Sustainability Management Report' on the 8th, outlining plans to reduce and halt domestic and overseas coal-fired power generation projects.

KEPCO has been publishing the Sustainability Management Report annually since 2005. This year, the report was reorganized with a focus on management activities in the environmental, social, and governance (ESG) fields, which have become a global trend.

The report includes KEPCO's plan to either prematurely shut down domestic coal-fired power plants or convert them to liquefied natural gas (LNG) power generation.

While striving to supply the highest quality electricity stably, KEPCO also revealed its vision to expand the development of renewable energy for a transition to clean and safe energy.

KEPCO declared that it will stop pursuing new overseas coal-fired power projects to address the climate crisis, the greatest threat facing the world, and to promote sustainable development.

It emphasized shifting the direction of overseas business development toward low-carbon and eco-friendly initiatives.

The report introduced the 'Bitgaram Energy Valley' project, which KEPCO is promoting for joint development with local communities.

It also included activities of the Ethics and Compliance Committee, chaired by the CEO and newly established last year. The committee was set up to implement social values and strengthen ethical management.

Additionally, KEPCO announced that it issued a $500 million global green bond and a 200 billion KRW ESG bond in Korean won this year, following last year.

It emphasized the recent establishment of an ESG Promotion Committee under the board of directors.

A KEPCO official stated, "The report faithfully includes detailed information on KEPCO's climate crisis response activities by reflecting the recommendations presented by the Task Force on Climate-related Financial Disclosures (TCFD)."

The report also contains specific achievements of ESG activities, including greenhouse gas reduction effects.

The report can be accessed on KEPCO's official website.

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