Heungkuk Fire & Marine Insurance Declares Coal Phase-Out Finance... Halts Investment in Coal Power Plants

On the 1st, Heungkuk Fire & Marine Insurance declared a 'coal phase-out finance' policy at its headquarters in Gwanghwamun, Seoul, stating that it will not make new investments or invest in bonds for the construction of domestic and international coal power plants.

[Asia Economy Reporter Oh Hyung-gil] Heungkuk Fire & Marine Insurance declared 'coal phase-out finance' at its headquarters in Gwanghwamun, Seoul, on the 1st, stating that it will not make new investments or invest in bonds for domestic and overseas coal power plant construction.

While excluding direct investments in coal mining, the company plans to continuously expand investments in eco-friendly sectors such as renewable energy and electric vehicles.

As of the end of February, the scale of investment in renewable energy infrastructure reached a total contract amount of approximately 701.9 billion KRW, with plans for continuous expansion in the future.

In addition, Heungkuk Fire & Marine Insurance plans to seek ways to strengthen ESG (Environmental, Social, and Governance) management.

Following last year, through the Big Light One Step walking campaign involving executives and employees, the company will donate saplings for the restoration of wildfire-affected areas and actively participate in environmental preservation activities through various events such as campaigns promoting the use of reusable cups.

Kwon Jung-won, CEO of Heungkuk Fire & Marine Insurance, stated, "We actively support the global efforts to respond to the climate change crisis," and added, "We will actively practice ESG management by providing financial services that consider the environment."

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