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South Korea's Moon vows to end new funding for overseas coal projects

SEOUL, April 23 (Reuters) - South Korean President Moon Jae-in announced on Thursday his country would end all new financing for overseas coal projects and would soon set a more ambitious schedule for slashing carbon emissions.

Moon made the promises during a video address to a two-day virtual climate summit convened by U.S. President Joe Biden.

The announcement makes official parts of a "Green New Deal" proposed by Moon's ruling party last year, which set ambitious goals of net-zero emissions by 2050, an end to funding of overseas coal plants and introduction of a carbon tax.

"To become carbon neutral, it is imperative for the world to scale down coal-fired power plants," Moon said, while noting that developing countries that would struggle due to their dependence on coal "should be given due consideration and access to proper support".

Read the full article published in Yahoo! Finance 23rd April 2021

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