[Asia Economy Reporter Changhwan Lee] Korean Reinsurance announced on the 30th that it has declared a coal phase-out finance statement and plans to reflect it in future new investment and underwriting policies.
Korean Re explained that it adopted the coal phase-out finance statement at the board meeting held on the 28th.
Korean Re plans to suspend new investments and facultative reinsurance underwriting related to domestic and overseas coal mining and coal-fired power plant construction starting from January next year.
Starting with this coal phase-out finance declaration, Korean Re plans to gradually implement efforts to achieve carbon neutrality by 2050.
The company emphasized that the reinsurance business operated by Korean Re is closely related to climate change, and active response to the climate crisis is necessary for sustainable management activities.
Korean Re added that it has continued efforts to become an ESG company by establishing a dedicated ESG organization in 2021 and creating an ESG committee within the board of directors in 2022.
A Korean Re official stated, "Starting with this coal phase-out finance declaration, we will strengthen our efforts to combat climate change and transparently disclose the process."
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