Environmental Organization’Beyond Coal’ “Era of climate crisis… Construction should stop”
‘Beyond Coal’ activists are calling for asset management companies to stop investing in the Samcheok Coal Thermal Power Plant in front of the stairs of the Sejong Center in Gwanghwamun, Seoul on the morning of the 4th. Offer beyond coal
In relation to the coal-fired power plant that POSCO is building in Samcheok, Gangwon-do through its affiliates, it was argued that the National Pension Service, the major shareholder, should exercise shareholder rights to prevent construction. On the 8th, “Beyond Coal”, a joint campaign for coal de-coaling, organized by the Environmental Movement Federation, the Green Association, and the Climate Crisis Emergency Action, said, “The National Pension Service takes responsibility for the construction of the Samcheok coal-fired power plant at the POSCO shareholders’ meeting held in March. He said, “We must ask for the suspension of the construction of the power plant by exercising active shareholder rights.” Samcheok Coal-fired Power Plant is a power plant under construction by Samcheok Blue Power, a POSCO subsidiary, near the Maengbang Beach in Samcheok, Gangwon-do. President Moon Jae-in declared’carbon neutrality’ and built a new coal-fired power plant that will operate for about 30 years after construction. There was a question about whether it was valid. Beyond coal, the side said, “It has been a long time since coal power plants have lost economic feasibility. The international community is also rapidly withdrawing financial investments because of its stranded asset (an asset that is at risk of significantly decreasing its value due to changes in the market environment). He criticized it as “a treachery of interest and greenwashing”. On December 11 last year, POSCO declared the achievement of carbon neutrality in 2050 for the first time as a steelmaker. Beyond Coal, the side also said, “It is still passive in the exercise of shareholder rights in relation to ESG (environment, society, governance) for two and a half years since the introduction of the stewardship code in 2018.” “If the National Pension Plan avoids the active exercise of shareholder rights to POSCO, it is itself abandoning the trustee’s responsibility,” he pointed out. In addition, he demanded, “At the general shareholders’ meeting of POSCO in March this year, we must hold the responsibility of the current directors for continuing to promote the Samcheok coal-fired power plant in the era of climate crisis, and make a proposal to the shareholders demanding the suspension of the construction of the power plant.” Regarding the Trustee Responsibility Specialized Committee, which is an advisory body for the National Pension Fund Management Committee to be held on the 9th, “I strongly urge the trustee to review and discuss plans to actively exercise shareholder rights with POSCO and submit it to the National Pension Fund Management Committee. I do” he added. By Kim Min-je, staff reporter [email protected]