Coal Phase-out & Fossil Fuel Finance
Among fossil fuels, coal is the largest emitter of greenhouse gas and air pollutants. With the rapid fall in the cost of renewables, coal power plants have also lost their competitiveness. The most economical and effective way to address climate change is to remove coal from the power generation sector.
South Korea has earned the title of “climate villain” internationally for being one of the world’s few exporters of coal power. Korean public financial institutions are supporting Korean power and construction companies to build large-scale coal power plants in Southeast Asia. Overseas coal investments are threatening the livelihoods of local communities and accelerating the climate crisis.
We believe now is the time to retire coal and transition to energy sources that do not emit greenhouse gases and air pollutants, not the time to build new coal plants. SFOC is developing a coal exit and energy transition strategy by cooperating with civil and environmental groups and raising awareness about the financial and environmental risks of coal power plants.