South Korea’s state pension fund, the world’s third-largest, said on Friday it will stop funding new coal power projects at home and abroad, joining global efforts to reduce carbon emissions and pursue responsible investment strategies.
The National Pension Service (NPS)’s plan is to restrict investment in coal miners and businesses tied to coal power by adopting “negative screening”.
The approach consists of excluding investments that fall short of environmental, social and governance (ESG) principles.
NPS’s 873 trillion ($783 billion) in assets under management trails in size only to its peers in Japan and Norway.
It includes investments in several Korean companies with coal-linked investments, such as Posco, OCI, LG International, GS Holdings, Korea Electric Power Corp., Samsung C&T, Doosan Heavy Industries & Construction, and Kumho Petrochemical.
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