Korea is revealed as the biggest financial supporter among OECD countries to coal power plant projects for the last decade in developing countries. Critics say Korea has contributed to exacerbating climate crisis by supporting the highest carbon emitting fuel, coal.

According to OECD document disclosed by Korea Federation for Environmental Movements(KFEM) on 15 April, Korea’s export credits to coal power plants estimated by two export credit agencies, KEXIM and K-Sure, recorded 4.349 billion USD between 2003-2013, which  Korea top rank among OECD countries. Coal power plant constructions by Korean companies such as Doosan heavy industry and Posco Construction include Mong Duong in Vietnam and Angamos in Chile. 

The Korean government also poses negative stance on curbing support for coal power. While OECD countries have been negotiating a proposal to restrict financing from export credit agencies by adopting Emissions Performance Standard (EPS) ahead of Paris climate talks, the Korean government proclaimed that “developing countries have no choice but to depend on affordable and easily accessible resources such as coal” at the Export Credit Group meeting last month.

Jieon Lee, KFEM climate and energy coordinator criticized that “the position of the Korean government hosting Global Climate Fund in 2012 contradicts the purpose and roles of GCF itself.”

Jungsoo Kim, senior staff writer

The Hankyoreh, 16 April 2015

​The original article in Korean

[한겨레] 개도국 석탄발전 금융 지원, 한국 OECD ‘1위’

http://www.hani.co.kr/arti/society/environment/687113.html

Related Press release of KFEM (korean only)

http://kfem.or.kr/?p=149700