News

Environment

Clarist Zablan

, Korea

Published:

4 years ago

KEPCO warned over coal projects in Vietnam, Indonesia

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, Bloomberg reported.

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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