Pocheon-si, First Local Government Nationwide to Declare 'Coal Phase-Out Green Finance'

Reflection of Coal Phase-Out Declaration and Renewable Energy Investment Performance in City Treasury Selection

[Asia Economy Reporter Youngchul Ra] Pocheon City in Gyeonggi Province has become the first local government in the country to declare 'Coal Phase-Out Green Finance.'

On the 8th, the city announced, "We have signed a business agreement with NongHyup Bank Co., Ltd. Pocheon Branch, designated as the city's treasury bank, for coal phase-out."

Through this agreement, both organizations plan to increase investments in the renewable energy sector and actively support the transition from fossil energy to renewable energy.

Additionally, the city intends to incorporate the coal phase-out declaration status and renewable energy investment performance as evaluation criteria when selecting the next treasury bank operating financial institution in 2024, thereby encouraging coal phase-out investments in the financial sector.

Earlier, in September, the city attended the opening event of the '2020 Coal Phase-Out Climate Crisis Response International Conference' and declared itself a 'Coal Phase-Out Treasury.'

Mayor Park Yoon-guk of Pocheon said, "Pocheon is a city of forests and water, home to the Hantangang UNESCO Global Geopark and the National Arboretum, a UNESCO Biosphere Reserve," adding, "We hope NongHyup Bank will take the lead in the green finance movement."

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