Kyobo Life Insurance and Financial Affiliates Declare 'Coal Phase-Out Finance'

Non-Participation in Project Financing for Coal Power Plant Construction

[Asia Economy Reporter Oh Hyung-gil] Kyobo Life Insurance announced on the 28th that it, along with its financial affiliates including Kyobo Securities, Kyobo Lifeplanet Insurance, Kyobo AXA Asset Management, and Kyobo Asset Trust, has declared 'coal-free finance.'

They stated that they will not participate in project financing for the construction of new domestic and overseas coal power plants, nor will they underwrite any bonds issued for the purpose of building coal-fired power plants domestically or internationally.

Furthermore, even general bonds will not be underwritten if the funds are used for the construction of coal power plants, and they emphasized expanding eco-friendly investments considering ESG (Environmental, Social, and Governance) factors such as renewable energy.

In addition, to strengthen ESG management, they plan to establish a dedicated department and join the CDP (Carbon Disclosure Project), a global environmental initiative.

Kyobo Life Insurance has proactively built an ESG-related investment system, adhering to the principle of investing in 'sustainable companies conducting healthy businesses' to achieve stable profits while contributing to the shared prosperity of stakeholders. The scale of ESG-related investments, which was 3 trillion won over ten years ago, has now increased more than threefold.

In 2010, it became the first domestic insurance company to join the UN Global Compact (UNGC), an international corporate social responsibility agreement, and has been publishing a sustainability management report annually since 2011.

A Kyobo Life Insurance official said, "We declared coal-free finance to actively respond to climate change and participate in global efforts for carbon neutrality," adding, "Based on the philosophy of sustainable management that pursues joint development with all stakeholders, we will accelerate ESG management."

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