Gwangju City Signs 'Coal Phase-Out and Green New Deal' Agreement with Gwangju Bank and KB Kookmin Bank

Mayor Lee Yong-seop: "Expecting Nationwide Spread of Win-Win Model Toward Energy Self-Sufficient City by 2045"

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Gwangju Metropolitan City has become the first in the nation to sign a coal phase-out and Green New Deal agreement with its city treasury banks, Gwangju Bank and KB Kookmin Bank, pledging active cooperation to realize Gwangju as a carbon-neutral, energy self-sufficient city by 2045.

On the morning of the 14th, Gwangju Metropolitan City held a signing ceremony for the "Gwangju Metropolitan City-City Treasury Banks Coal Phase-out and Green New Deal Agreement" at the City Hall Business Room, attended by Mayor Lee Yong-seop, Gwangju Bank President Song Jong-wook, KB Kookmin Bank Honam Regional Sales Group Representative Wang Deok-bong, City Council Administrative Autonomy Committee Chairman Lee Hong-il, and Green New Deal Special Committee Chairman Kim Gwang-ran.

Through this agreement, Gwangju City and its city treasury banks agreed to jointly respond to the climate change crisis and actively cooperate in realizing Gwangju as a carbon-neutral, energy self-sufficient city by 2045, creating a sustainable living environment, and implementing coal phase-out and Green New Deal policies.

The agreement includes the following provisions: ▲ Gwangju Metropolitan City and the city treasury banks will actively work to reduce coal financing, the main cause of the climate crisis, and foster an environment for the expansion of climate finance ▲ The city treasury banks will not participate in project financing (PF) for the construction of coal-fired power plants ▲ The city treasury banks will not underwrite any bonds issued for the purpose of constructing coal-fired power plants ▲ Gwangju Metropolitan City and the city treasury banks will actively cooperate to expand the designation of coal phase-out treasury banks and transition to a low-carbon economy.

In particular, by the city treasury banks’ commitment to not participate in project financing (PF) for coal-fired power plant construction and not underwriting bonds issued for such purposes, it is expected to significantly contribute to the transition of our society away from coal and the realization of Gwangju as an energy self-sufficient city.

Song Jong-wook, President of Gwangju Bank, said, “As the representative bank of Gwangju and Jeonnam, Gwangju Bank will actively cooperate with Gwangju Metropolitan City to realize ‘Gwangju as a carbon-neutral, energy self-sufficient city by 2045.’ We will fulfill our social responsibilities through regionally focused management based on continuous interest and support for the expansion of green finance and mutual growth with the community.”

Wang Deok-bong, KB Kookmin Bank Honam Regional Sales Group Representative, said, “KB Kookmin Bank prioritizes the realization of corporate environmental and social values and practices eco-friendly management. As a partner in the coal phase-out and Green New Deal agreement, we will actively participate in Gwangju Metropolitan City’s environmental policies and spare no effort in providing the best eco-friendly services and support.”

Mayor Lee Yong-seop of Gwangju said, “In July, our city announced the vision for the Gwangju-type 3 major New Deal policies and became the first in the country to announce plans to realize a ‘carbon-neutral, energy self-sufficient city’ by 2045, which will be self-sufficient in power energy through eco-friendly renewable energy without relying on external power supply.” He added, “I hope today’s agreement will not only be a great driving force for realizing Gwangju’s carbon-neutral, energy self-sufficient city but also serve as a win-win model of joint efforts toward an eco-friendly clean city, spreading nationwide.”

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