Samsung Construction Arm to Ditch Coal After 2 More Projects | Bloomberg
Samsung C&T said its trading arm will also gradually exit from all coal-related businesses once its existing contracts terminate, while seeking to expand its business into LNG and renewables. The company will completely withdraw from the Gangneung project after selling all of its 29% stake, which it can do it three years after commercial operations begin in end-2023.
“It is quite disappointing that the company’s not giving up on its ongoing projects, including Vung Ang 2,” Lee Jieon, a climate and energy coordinator at Korea Federation of Environmental Movements, said by phone. “Still, it is worth noting that the pledge came from a major construction company in South Korea, which may set an example for other non-financial firms in the country.”
Samsung's key insurance affiliates pledge to halt coal investments | Reuters
Lee Ji-eon, an activist at the Korea Federation for Environmental Movements, said he welcomed the move and called for other companies’ participation, but added details and specific implementation plans should be revealed.
Samsung's financial affiliates declare end to coal investments | Koreatimes
The group's construction arm Samsung C&T stated it would abandon coal investments and pledged to become a leader in ESG management.
Environmental groups welcomed the latest pledge, but noted it is important how an action plan will be drawn up, and what Samsung will do with other units' coal-related investments.
"While the policy is a major step forward, the devil is in the details. What remains to be seen is how they implement the decision and close loopholes, namely with ongoing projects," Korea Federation for Environmental Movements coordinator Lee Ji-eon said.