Teenagers drive fossil fuel divestment movement

The Korea Times

The Korea Times

National

Wed, November 29, 2023 | 08:22

Politics

Teenagers drive fossil fuel divestment movement

Posted : 2020-06-23 18:35

Updated : 2020-06-24 11:29

Members of Youth4ClimateAction Korea stage a rally outside the Seoul Metropolitan Education Office asking the office to join the fossil fuel divestment movement in May 2019. / Courtesy of Youth4ClimateAction

By Kim Se-jeong

Youth4ClimateAction Korea is a group inspired by the Swedish teen environmental activist Greta Thunberg, famous for school climate strikes.

The group's 60 members are currently engaged in a fossil fuel divestment movement asking 17 education offices across the nation to select partner banks that don't invest in coal-fired power plant projects.

"Education offices are responsible for nurturing the young to become responsible members of society. The current climate crisis can deprive us of the right to live in a sound environment," Kim Bo-rim, a member of the group, told The Korea Times during a recent interview.

"Currently, all banks that education offices in Korea work with invest money inside and outside Korea in coal-fired power plant projects, one of the main culprits of global warming. We want the education offices to change for the better and join the divestment movement."

Nonghyup and Busan are the main house banks for 17 education offices in Korea, meaning they are the main channels for each education office's transactions. The banks also takes care of collected tax money and long-term funds belonging to the education offices. The education offices are obliged to review the performance of the banks and change them every two to four years.

"The amount of money the education offices handle is up to 7.3 trillion won in any given year," Oh Jong-o from the Korea Sustainability Investing Forum said.

In February, the teenagers sent letters to all 17 chief educators calling on them to change the rules on house bank selection. They gathered outside the Seoul Metropolitan Education Office (SMOE) to push the superintendent.

After almost one year, they had a success in May.

The Seoul education office announced it would change its house bank selection rules; however the group will continue to push forward, ahead of a superintendents' meeting scheduled for early July.

Coal-fired power plants are a main source of greenhouse gases in Korea, accounting for 30 percent. Currently, 59 such power plants are in operation. Climate change experts view shutting down these power plants and replacing them with renewable energy sources as critical to reducing greenhouse gas emissions.

Around the world, the fossil fuel divestment movement has successfully pushed financial institutions and others to join it.

Oxford and Harvard universities joined the movement, as did financial institutions ING and Standard Chartered which declared they would stop financing coal-related projects by 2030.

Lee said, although slow, more Korean institutions are paying attention to sustainable investment.

"In 2018, the Teachers Pension and Government Employees Pension Service joined the fossil fuel divestment movement. Last year, DB Insurance, the Korea Teachers' Credit Union and Public Officials Benefit Association announced their intention to join. We're hoping to see the number grow further," Oh said.

Founded in 2018, Youth4Climate Action is making headlines. In March, the group sued the government demanding faster and more decisive actions to combat climate change.

skim@koreatimes.co.kr