Overseas coal financing team of Greenpeace Seoul holds an activity with a model of a coal power plant and a press conference in front of KDB (Korea Development Bank) headquarters to ask the bank stop the financial support to Doosan Heavy which is likely to act as a bailout for the ailing coal and nuclear power industry.
The South Korean government has recently announced an emergency financial aid package to be provided to companies that are going through credit crunch due to the COVID-19 outbreak. On March 27, 2020, KDB and KEXIM announced that it will provide USD 800M emergency fund to Doosan Heavy Industries, a major coal and nuke power equipment manufacturer in Korea that has been under critical financial distress for the past few years due to declining coal business. This raises serious concerns because Doosan Heavy’s financial trouble has little to do with the virus outbreak.