BlackRock sought rationale from the South Korea utility for the investments.
BlackRock has challenged Korea Electric Power Corp. over its plans to invest in new coal-fired power plants in Vietnam and Indonesia.
The world’s top asset manager raised concerns over “several controversial coal projects” with a South Korean utility, including in meetings in the first quarter, it said in a report last month. BlackRock “contacted the CEO seeking a clear strategic rationale for its investments in coal energy,” it said, without naming the company.
Kepco, as the utility is known, confirmed that it received a letter from BlackRock, which it said requested fuller disclosure of its planned involvement in new coal-fired plants overseas.
Pressure has mounted on governments and companies to ditch coal-fired power amidst increasingly dire warnings of climate change and the need to transition away from carbon-emitting fossil fuels, of which coal is the dirtiest.
