[2020 National Audit] Mubo President: "No Support Plans After Indonesian Coal Power Plant"

Lee So-young "No Support for Unreported Coal Power Plants in France and Canada"

The National Assembly's Industry, Trade, Energy, Small and Medium Venture Business Committee's audit of KOTRA and Korea Trade Insurance Corporation is underway on the morning of the 13th at the National Assembly in Yeouido, Seoul, presided over by Chairman Lee Hak-young. (Image source=Yonhap News)

[Asia Economy Reporter Moon Chaeseok] Lee In-ho, President of the Korea Trade Insurance Corporation (K-Sure), stated at the National Assembly audit that there are no plans to provide financial support after the coal-fired power plant in Java, Indonesia.

On the 13th, President Lee made these remarks during the National Assembly Industry, Trade, Energy, Small and Medium Enterprises Committee audit.

Democratic Party lawmaker Lee So-young questioned KOTRA President Kwon Pyung-oh and President Lee in turn.

Lawmaker Lee asked, "At the beginning of the year, the World Economic Forum identified the climate crisis as the biggest economic issue this year. Are you aware of this?"

President Kwon replied, "I have heard of it."

He then asked, "Considering the European Union (EU)'s plan to introduce a carbon border tax and U.S. President Joe Biden's campaign pledges, do you agree that this will be the biggest trade and economic issue after this year?"

President Kwon answered, "Yes."

Lawmaker Lee asked President Lee if he was aware of the 'Overseas Coal Power Investment Prohibition Act.'

She explained that the coal power plants in Southeast Asia supported by K-Sure emit 1.6 billion tons of greenhouse gases, which is 2.3 times the total emissions of South Korea, which emits about 700 million tons.

Lawmaker Lee said, "Although K-Sure is considered an institution that only supports trade guarantees, trade guarantee institutions in France and Canada also do not provide financial support for coal power plants," and asked, "Does K-Sure have any plans to voluntarily create and announce a policy to stop supporting coal-fired power plants?"

President Lee replied, "In conclusion, I can only say that there are two aspects to consider: the impact on climate and environmental changes and the industrial ecosystem."

Lawmaker Lee asked again, "Is there any project under review for additional support besides the Java power plant in Indonesia?"

President Lee said, "Currently, there is none," and added, "Basically, within the government, it is understood that support is carefully reviewed only under limited conditions where there is an explicit request from the counterpart country and it contributes to environmental improvement in that country."