South Korea has pledged to raise its goal of reducing greenhouse gas emissions and announced plans to set up a green fund to help developing countries shift to renewable energy. South Korea will set up a $5m fund under the “Green New Deal” fund by 2025 within the Global Green Growth Institute (GGGI). South Korea will also donate $4m to help fund operations of the P4G. South Korea’s National Pension Service will restrict investments in dirty fuels days before the country’s pledge to further cut down on greenhouse gas emissions.
NPS will “adopt investment-restriction strategies” for coal-mining and power-generation industries and implement a “negative screening” for these sectors, according to South Korea’s health ministry. The ministry also added that it will stop investing in the construction of new coal-fired power plants and plans to establish step-by-step action plans and conduct research on the screening strategy in the second half of this year before starting to apply the restrictions to its portfolio.