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.