[Asia Economy Reporter Song Seung-yoon] Korea Electric Power Corporation (KEPCO) announced on the 28th that it will no longer pursue new overseas coal-fired power generation projects.
In a press release on the same day, KEPCO declared, "In the future, when pursuing overseas projects, we plan to focus on developing low-carbon and eco-friendly overseas projects such as renewable energy and gas combined cycle."
However, KEPCO explained that among the four ongoing overseas coal-fired power projects, the Indonesia Java 9·10 and Vietnam Vung Ang 2 projects will continue to be pursued, taking into account the relationships with the host country governments, business partners, and joint entry with domestic companies. The other two projects are being reconsidered for conversion to LNG power generation or suspension.
Accordingly, KEPCO expects that all overseas coal-fired power projects operated by KEPCO will be terminated after 2050. KEPCO plans to reflect this policy in its 2020 Sustainability Management Report to clearly communicate KEPCO's eco-friendly power generation direction to shareholders and other stakeholders.
Additionally, to strengthen and continuously promote Environmental, Social, and Governance (ESG) management, KEPCO plans to establish an 'ESG Promotion Committee' under the board of directors.
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