기후솔루션 (Solutions for Our Climate)

How is KOREA NATIONAL PENSION SERVICE, the world's third-largest, doing in terms of #energytransition?   Last week, a new government policy announced NPS to stop investing in firms that derive over 50% of their three-year average revenue from coal-fired power generation or production. This includes a five-year grace period for domestic companies.   Korea Electric Power Corporation (KEPCO), one of NPS' key holdings, has faced strong criticism for investing in coal-fired power plants in South East Asia.   KEPCO's coal revenue share is estimated at 30% to 40%, so it is not expected to be directly impacted by the new policy. "However, the average coal revenue share of gencos, Kepco’s power generation subsidiaries, is likely to exceed 50%, and would be directly affected after the [five-year] grace period,” said Eunyoung Hwangbo from SFOC.   Solutions for Our Climate (기후솔루션) and other civil society groups have been calling for stricter investment restrictions for companies that derive more than 30% of their revenue from coal.   “The current policy lacks ambition and allows too much leeway for Kepco, which will hamper Korea’s energy transition and hinder Korean companies’ ability to respond to global carbon regulations,” Hwangbo argued.   Read more from Clara Tan on Energy Intelligence: https://lnkd.in/gdRvWYfq   #SouthKorea #ClimateFinance #Coal

Solutions for Our Climate (기후솔루션) has a gift for you!🎁 We will be launching a monthly #newsletter, "Focus on Climate" from the third week of January. You will be delivered the hottest climate issues, aloongside updates from SFOC programs aligned with our mission to drive down emissions. There is still a month left for you to subscribe to receive the first newsletter! 📍English subscription: https://lnkd.in/gckyacnn 📍Korean subscription: https://lnkd.in/gQXx4aKf #FocusonClimate #SFOCnewsletter 

How does President Yoon's impeachment case impact the nation’s #energy policy and #climate ambitions? The possibility of a government change casts doubts on South Korea's #nuclear push and #oil & #gas projects initiated by the Yoon administration, while #renewables are expected to see a resurgence of support under opposition party leadership, should they return to power. There is ongoing uncertainty as everyone awaits the decision of South Korea’s Constitutional Court on whether to validate Yoon’s impeachment within 180 days. If the impeachment motion is approved, an election for a new president must follow within 60 days. Read more from Heesu Lee on Bloomberg: https://lnkd.in/gNi_X2bF #SouthKorea #ClimatePolicy #ClimateAmbition #Impeachment

Are you interested in a career with purpose?    🌏 #SFOC is hiring! https://lnkd.in/gwD8uWfE    At Solutions for Our Climate (기후솔루션), our mission is to limit global temperature rise to below 1.5C. Our members come from diverse backgrounds including climate research, diplomacy, law, community organizing, and strategic communication. We believe that autonomy and responsibility are paramount to organisational growth and people are the key drivers of change. Join us to be a part of the global climate movement!    #SFOCisHiring    We are #hiring multiple positions in #Seoul including:    📌Corporate Engagement Team 📌Strategy Team  📌International Communications Team  📌Head of Communications  📌Petrochemicals Team 📌Steel Team  📌Methane Team  📌Industrial Decarbonization (HFC) Team Visit our website and click ‘Apply’ to view all open positions: https://lnkd.in/gwD8uWfE    #ClimateJobs #NGOJobs #Sustainability #Communications #Diplomacy #Methane #CorporateEngagement #Research #HFC #India #Petrochemicals

🔍How did Solutions for Our Climate (기후솔루션)'s journey begin?   The Korea Herald interviewed SFOC's founder Joojin Kim, sharing his personal story on how he began his #climate endeavor, from joining a university club to establishing an environmental non-profit organization in #SouthKorea.   “The most rewarding part is seeing my employees grow. In a startup-like environment, watching them grow, surpass my knowledge and build wider networks makes me genuinely happy,” said Joojin. “The essential tool to combat #ClimateChange is nurturing such #people.”   Read the full interview here by Jihye Shin: https://lnkd.in/gEGJ5BhE Visit SFOC's website to learn more about our work: https://forourclimate.org/   #Insider #Interview #Entrepreneur

Did you know that transitioning from #coal to #RenewableEnergy can boost #job creation & create #economic benefits?   New report by Solutions for Our Climate (기후솔루션) and Green Energy Strategy Institute (GESI) examining the representative case of one of the nation’s major #coal power plant regions, Chungcheongnam-do (Chungnam) provides insights into the socio-economic ramifications of the #EnergyTransition, finding:   🔹 At the national level, all renewable energy scenarios were found to create more jobs than gas-fired power generation.   🔹 At the regional level, all but one renewable energy scenarios create more jobs than the LNG scenario. The remaining RE1 scenario surpasses LNG when combined with ESS flexibility options (ESS) or mandates to use locally produced manufacturing goods and services (LCR), underscoring their importance in further boosting the positive impact of the green transition.   🔹 If Chungnam ambitiously transitions to renewable energy at a level that achieves its market potential, it could create up to 1.08 million Full-Time Equivalent (FTE) jobs by 2050 based on cumulative values.   🔹 The contribution of renewable energy to the value-added creation in the region is expected to reach up to 52% of Chungnam’s 2022 gross regional domestic product (GRDP).   Read more: https://lnkd.in/gj5zTJ6h   Download a copy of the report: https://lnkd.in/g5K5EWrv   #FossilFuelPhaseOut #JustTransition #SouthKorea #CoalPhaseOut

Phasing out coal. So, what's missing? Today, the South Korean National Pension Service (#NPS), world's third largest pension fund, announced its detailed policy on phasing out #coal.   The announcement comes after a three year delay. Key points include:   📍For companies with a three-year average coal revenue share of more than 50%, the NPS will conduct dialogues for five years to guide companies' transition to green energy. 📍If the energy transition by companies is still insufficient after dialogues, NPS will restrict the investment by resolution of the Fund Management Committee. 📍Investments in green financial instruments issued by such companies are allowed. 📍The program will be implemented for overseas assets from 2025, and for domestic assets from 2030.   Finding the policy to be insufficient in addressing effective coal phase-out, 12 environmental groups including Solutions for Our Climate (기후솔루션) released a Korean statement on NPS's announcement, demanding the Fund Management Committee to adopt the following:   📍Responsible and effective policies, including a coal divestment threshold that limits investments in companies that derive more than 30%, rather than the current 50%, of their revenues from coal operations.  📍Standards to limit investments in domestic and foreign coal companies and actively exercise shareholder rights to promote the power sector's achievement of the 2030 coal phase-out and carbon neutrality goals. 📍Declare the goal of net-zero of financial emissions by 2040 for all domestic and foreign investment assets and formulate a concrete implementation plan.   Read more in Bloomberg News article: https://lnkd.in/gRPvK5vX   #NationalPensionService #coal #fossilfuels #pension   BigWave Korea Federation for Environmental Movements (Gyeongnam, Incheon, Chungnam), 60+ Climate Action Green Environment Youth Korea (GEYK) Greenpeace Institute for Green Transformation, Youth Climate Emergency Action PLAN1.5

🌳How do #SouthKorea and #Japan put #Indonesia's forests at risk? Biomass #subsidies from the two countries, South Korea and Japan, contribute to deforestation in Southeast Asia as well as the expansion of Indonesia's biomass industry. This makes the recent reduction of subsidies from Korea a significant step in decreasing biomass imports.   Hansae Song from Solutions for Our Climate (기후솔루션) spoke to Mongabay on the dangers of national policies subsidizing #biomass energy.   In South Korea, the government requires energy producers to gradually increase their ratio of renewable energy each year. This requirement is “probably the biggest factor driving [biomass] consumption in South Korea” alongside the REC weightings, said Hansae Song.   📌Read the full article by Annelise Giseburt: https://lnkd.in/eXzvybC6 📌Read our report on this issue: https://lnkd.in/gfmvbq9C 📌Read more about South Korea's most updated policy on biomass: https://lnkd.in/gSSTz-mn   #BiomassEnergy #FalseSolution #SouthEastAsia #WoodyBiomass

BREAKING - Today South Korea announced major reform to phase down subsidies for #biomass!   Previously, the government turned a blind eye, subsidizing biomass subtantially when this is a false climate solution.   Now the Ministry of Trade, Industry and Energy (#MOTIE) has acknowledged the problems of the biomass market, as well as the Renewable Energy Certificates (#REC) scheme that subsidizes it.   The following have been revised for the REC scheme:   📍All RECs for new biomass facilities will end, barring additional woody biomass projects from entering the market. 📍RECs for six state-owned coal-and-biomass co-firing plants will end by January 2025. Weightings for three state-owned dedicated biomass plants will be phased down from 1.5 to 0.5 by 2027.  📍Weightings for six co-firing plants will be gradually phased out over the next decade, while current weightings of 1.5 will be reduced to 0.5 over the next 15 years for 12 dedicated plants.  📍REC weightings for pellets and chips made from so-called forestry residues will remain unchanged at 1.5 for co-firing and 2.0 for dedicated burning.   However, the high REC weights for the domestic forestry residues still remains a concern. This may shift the deforestation risk internally without reducing the total biomass capacity.   Read more in our statement: https://lnkd.in/gSSTz-mn   #BiomassPolicy #SouthKorea #RECs #Bioenergy #Forests

📝How are insurance companies driving #fossilfuel expansion and harming local communities? As climate impacts are rising, insurers are turning to protect shareholder profits by reducing their coverage for at-risk communities while enabling fossil fuel expansion. Insure Our Future Global's new report reveals that over a third of total weather-related insured losses have been attributed to climate change from 2002 to 2022, totaling $600 billion. The report shared a ranking of world's 30 major re/insurers regarding their performance on fossil fuel policies. South Korea's Samsung Fire & Marine Insurance ranked 19th (awaiting confirmation) in underwriting and 18th in investment of fossil fuel restrictions. While it was the first Asian insurer to adopt modest coal restrictions, it still has to phase out support for coal companies unaligned with a credible 1.5ºC pathway. Read more in the report: https://lnkd.in/gMNAuu7g Campax Civic Exchange 思匯政策研究所 Coal Action Network Connecticut Citizen Action Group Ekō Greenpeace Instituto Internacional de Derecho y Medio Ambiente (IIDMA) Investors for Paris Compliance JACSES 한국사회책임투자포럼(KoSIF) Mothers Rise Up Public Citizen Rainforest Action Network Reclaim Finance - ONG ReCommon Re-set: platforma pro sociálně ekologickou transformaci The Sunrise Project Inc. Urgewald Waterkeeper Alliance