Korea’s biggest power provider–KEPCO–wants to keep burning coal. But it’s
running out of money and desperately going to banks for more. Let’s make
sure no banks finance KEPCO’s coal.

Citi, Bank of America, HSBC and JPMorgan: no funding for KEPCO’s coal.

[ [link removed] ] Sign the petition 

   
John,

KEPCO is doubling down on coal. Instead of transitioning to clean energy,
Korea’s biggest electricity provider is backtracking on its promises and
trying to finance its coal plans with toxic bonds.

But we have an opportunity to disrupt this. KEPCO has bonds maturing in
June, and we can pressure major banks that have supported it before—Citi,
Bank of America, HSBC, and JPMorgan—to back away.

Public pressure calling on banks to back away from coal works. BNP Paribas
has already distanced itself from KEPCO due to its coal-heavy operations.
APG divested in 2021, and Sweden’s AP7 followed suit in 2023. If we take
action now, we can push more banks to do the same.

[ [link removed] ]Sign the petition: Citi, Bank of America, HSBC and JPMorgan stop
funding KEPCO’s coal.

The South Korean Government has signed onto the Paris Agreement and made
bold promises to tackle the climate crisis. But its state-owned utility
KEPCO’s commitment to coal flies in the face of that.

Right now, KEPCO is in a financial crisis. Its reliance on coal is sinking
it: 33.7% of its imported power and 40.2% of its domestic power come from
coal, while renewables account for just 2.1%.

If we can force big banks to back away from financing KEPCO’s toxic bonds,
the power company will have to move to generating electricity from clean,
renewable energy sources. Let’s send a clear message to banks and KEPCO:
No more funding for coal. No more broken promises.

[ [link removed] ]Tell Citi, Bank of America, HSBC and JPMorgan: don’t finance KEPCO’s
coal.

Together, we forced Indonesian coal giant Adaro to move away from coal.
Big banks like HSBC are already backing away from coal projects worldwide.
With enough pressure, we can force more banks to choose clean energy
instead of polluting coal.



[ [link removed] ] Sign the petition 



Thanks for all that you do,
Apekshita, Nish and the team at Ekō


More information:

[ [link removed] ]BNP Paribas commits to no longer finance companies with no strategy to
exit the coal power sector
BankTrack 03 July 2020
[ [link removed] ]International investors: KEPCO should reconsider supporting new
overseas coal power plants
Asia Investor Group on Climate Change 27 March 2020
[ [link removed] ]Sustainability Report
KEPCO 01 December 2024

 

 

Ekō is a worldwide movement of people like you, working together to hold corporations accountable for their actions and forge a new, sustainable path for our global economy.

Please help keep Ekō strong by chipping in $3. [link removed]