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| Members of the Korea Federation for Environmental Movements protest Samsung's insurance units' investments in coal-fired power plants, in front of the environmental group's headquarters in central Seoul, Tuesday. The group claimed Samsung's two insurers were responsible for the early deaths of over 30,000 people due to air pollution emitted by the power plants. / Yonhap |
By Kim Bo-eun
Environmental groups are stepping up pressure on Samsung's affiliates to stop their coal-related investments.
The Korea Federation for Environmental Movements (KFEM) staged a protest Tuesday in front of its headquarters in central Seoul, claiming coal-related investments by Samsung's insurance units have caused the early deaths of over 30,000 people, due to air pollution
"Every year, up to 1,000 people die early from air pollution emitted from the 40 coal-fired power plants Samsung Life and Samsung Fire & Marine Insurance invested in," the group said. "Adding up the deaths caused during the 31-year operation of the power plants, the figure comes to 33,000."
Their claims are based on an analysis from the Center for Research on Energy and Clean Air (CREA) of a 2020 report outlining Korea's coal financing.
Referring to the figures from the CREA, the group said the power plants' CO2 emissions are predicted to amount to 6 billion tons, which is eight times the amount of greenhouse gases Korea emitted in 2018.
The group said Samsung's insurers have invested a total of 15 trillion won over the past 12 years in coal-related projects, which is the largest such investments among local financial firms.
"We are engaging in a campaign to stop coal-related financing, and are protesting against Samsung's insurance units because they have collectively invested the largest amount in such projects," a KFEM official said.
In October, Samsung C&T stated that it would not make any new investments in coal-related projects.
"We are unable to know how the total investment was calculated as 15 trillion won," a Samsung Life insurance official said. "Samsung Life has halted new investments in coal-related projects since August 2018."
In July, Samsung Securities stated it would not provide additional financing for the construction of a coal port in Queensland, Australia, built by the Indian company Andani which is developing a coal mine in the region.
The decision came after an Australia-based environmental organization protested Samsung Securities' possible refinancing and vowed to boycott products from Samsung Electronics.
