Korea Joins Powering Past Coal Alliance at COP30
For immediate release
Korea taking action on coal is a late but welcome step. However, Korea is yet to take any serious action on oil and gas and continues to provide huge taxpayer-backed finance for international fossil fuel projects.
17 November, Belém – Today, the Powering Past Coal Alliance announced that the Republic of Korea is joining the initiative as a new member, with Kim Sung-hwan, Minister of Climate, Energy and Environment declaring its membership.
Adam McGibbon, Campaign Strategist at Oil Change International, said:
“Korea taking action on coal is a late but welcome step. However, Korea is yet to take any serious action on oil and gas and continues to provide huge taxpayer-backed finance for international fossil fuel projects.
“Between 2020 and 2022, Korea financed an average of $10 billion per year in overseas fossil projects, while only providing $850 million per year in finance to renewable energy projects.
“As a next step at COP30, Korea needs to join many of its peer countries in the Clean Energy Transition Partnership (CETP), and back an ambitious public finance package for the outcome of COP30. This successful international initiative has reduced fossil fuel finance amongst signatories by 78%. That would be true climate leadership.”
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