[Brief] South Korea’s international public finance continues to block a just energy transition

research 2024-04-02

Public Finance Gas Report

[Brief] South Korea’s international public finance continues to block a just energy transition

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South Korea’s international public finance continues to block a just energy transition.pdf

Executive summary

An issue brief from OCI, Friends of the Earth, and SFOC released on April 3rd has revealed the massive amount of fossil fuel investments made by South Korea's public financial institutions between 2020 and 2022. Ranked second only to Canada, South Korea invested an average of $10 billion per year in overseas fossil projects, mainly in gas projects and midstream fossil fuel transport. South Korea is the world's largest provider of fossil fuel finance that has yet to make a commitment to stop fossil fuel financing and a laggard in renewable energy investment. During the period under review, Korea extended a mere $850 million per year in finance to renewable energy projects, about one-third of the renewable finance amount from Japan.

Download the issue brief below to read the full story!

The full report with global and country-specific trends will be published on 10 April.

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Policy Research and Recommendations

We conduct in-depth analysis of climate, energy, industrial, and economic policies to propose viable policy alternatives and help bring about real policy change.
Legal Action and Litigation

We hold corporations and governments accountable when they delay climate action, utilizing a range of legal strategies, including litigation, to drive policy improvement.
Communications and Campaigns

We believe that the power to change the world lies with people. Through compelling messages and diverse communication channels, we raise public awareness about the climate crisis and inspire collective action.
International Cooperation

We understand that climate change knows no borders. Through networking and collaboration, we work with global environmental organizations to promote change at the international level.