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South Korea shows bullish views toward international fossil fuel investments

August 31, 2021

Eco Business:

In recent years, South Korea’s rampant state funding of overseas coal power plants earned it a reputation as one of the world’s worst climate villains. But the colossal sums pumped into the dirty fuel over the past decade have been eclipsed by finance funnelled to oil and gas, according to a new analysis that is set to further tarnish the country’s image on the international stage.

The report, by Seoul-based research and advocacy organisation Solutions for Our Climate (SFOC), reveals that Korean public financial institutions such as the Export-Import Bank of Korea (KEXIM), Korea Trade Insurance Corporation (K-SURE), and Korea Development Bank (KDB) channelled a staggering $127 billion into overseas oil and gas projects from 2011 to 2020.

That’s nearly 13 times larger than the nation’s controversial support for the coal industry over the same period, which amounted to about $10 billion, shows the study, titled Fueling the Climate Crisis: South Korea’s Public Financing for Oil and Gas.

[Tim Ha] 

More: South Korea’s lavish coal funding has drawn global criticism — but even more money has gone to oil and gas

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