[2022 National Audit] Kang Seok-hoon, KDB Chairman, "Aim for Zero Coal Exposure by 2040"

[Image source=Yonhap News]

[Asia Economy Reporters Song Hwajeong and Yoo Jehoon] Kang Seok-hoon, Chairman of the Korea Development Bank, stated that the goal is to reduce coal-related exposure to 25% by 2035 and to zero by 2040.

Chairman Kang made this remark on the 20th during the National Assembly's Political Affairs Committee audit in response to a question from Park Yong-jin, a member of the Democratic Party of Korea, regarding measures to resolve investments related to coal-fired power plants.

Rep. Park asked, "Isn't it the right policy direction for KDB, as an implementing agency of the Green Climate Fund (GCF), to reduce investments in coal-fired power plants?" He also inquired, "You say you will increase investments to achieve carbon neutrality, but what are the plans to resolve the 570 billion KRW currently invested in the coal-fired power sector?"

In response, Chairman Kang said, "We established a credit guideline related to the coal industry development last October," adding, "We cannot eliminate existing loans all at once, so we are reducing them by 5% incrementally and are not providing new coal-related loans." He further added, "The goal is to reduce related exposure to 25% by 2035 and to zero by 2040."

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