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Amsterdam-based APG Asset Management warned the South Korean government that its failure to scrap coal-fired power plant projects is a “significant risk factor” to its investment in the country.
The subsidiary of Dutch pension fund administrator APG was referring to three plants with a combined 6.3 gigawatts power capacity under construction in Gangneung City, Samcheok City, and Goseong County, all in Gangwon Province.
In a letter, Park Yoo-Kyung, head of responsible investment & governance, Asia Pacific at APG Asset Management, noted that the private-run coal-fired power stations threaten the nation’s industries amid its endeavor to achieve carbon neutrality.
The letter was sent to the Commission on 2050 Carbon Neutrality co-chairpersons, Prime Minister Kim Boo-kyum, and environmental studies professor Yun Sun-jin at Seoul National University.
Park added that the failure to phase out coal-fired plants will incur a substantial cost of offsetting carbon emissions and operational losses and that the risk of continuing to increase carbon footprint far outweighs the consequences of pulling out of the coal project contracts.
APG Asset’s sustainable goals for its pension fund clients, including Dutch civil service pension fund ABP, is part of its climate-neutral portfolio.
APG sold off its entire stake in state-owned power generator and distributor Korea Electric Power Corp. and in eight companies globally that have a combined coal-fired capacity of over 90 gigawatts.
