6 Hanwha companies vow not to finance coal projects

Hanwha financial companies vow to no longer finance coal projects during a videoconference Tuesday to move in step with the government-led carbon neutrality drive. [HANWHA LIFE]

Six Hanwha Corporation subsidiaries said they will no longer finance coal projects to move in step with a government-led carbon neutrality drive, the companies said in a statement Tuesday.

Hanwha Life, Hanwha General Insurance, Hanwha Investment & Securities, Hanwha Asset Management, Hanwha Savings Bank and Carrot General Insurance said they will no longer participate in projects financing the construction of coal-powered plants at home and abroad. They also will not purchase bonds issued by special purpose corporations to build coal-powered plants.

The companies said they will instead expand green investments, such as financing for projects related to renewable energy.

The decision came as Hanwha Group emphasizes the importance of sustainable business management this year.

Hanwha Group Chairman Kim Seung-youn said recently that environmental, social and corporate governance standards have become core business principles for companies and ordered related companies to actively respond to climate change.

BY KIM JEE-HEE [kim.jeehee@joongang.co.kr]