Energy Economy

03 Jun 2020

KEPCO Warned Over Coal Projects in Vietnam, Indonesia

03 Jun 2020  by Asian-Power   

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.

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