Samsung's key insurance affiliates pledge to halt coal investments

Samsung Securities Co

12/11/2020 12:03

By Joori Roh
    SEOUL, Nov 12 (Reuters) - Key insurance affiliates of South
Korea's biggest conglomerate Samsung Group on Thursday pledged
to step up their 'coal-free' policies by banning investments in
the coal industry, following a global move towards a low-carbon
economy.
    Samsung Fire & Marine Insurance Co Ltd  000815.KS , Samsung
Life Insurance Co Ltd  032830.KS  and other financial units said
in a statement they will no longer make new investments in coal
power-related businesses and will not invest in corporate bonds
issued for the purpose of building coal-fired power plants going
forward.
    "We decided to strengthen our coal-free policies in order to
protect the environment and strengthen our social
responsibilities," a Samsung official said.
    Other units Samsung Securities Co Ltd  016360.KS  and
Samsung Asset Management will establish guidelines for
investment, including the exclusion of investments in coal
mining and coal power generation projects, and will apply them
to their businesses starting from December, the statement added.
   
    The financial units plan to expand investments in renewable
energy, electric vehicles and other eco-friendly assets.
    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.
    Separately, Samsung C&T Corp  028260.KS  in late October
said its board decided to halt any new coal-related investments,
constructions and trading projects.
    Chip giant Samsung Electronics in its third-quarter earnings
conference call also said it will continue to make efforts for
its sustainability management in environmental and social
issues.
 

 (Editing by Elaine Hardcastle)
 ((joori.roh@thomsonreuters.com; +82 2 6936 1493;))