South Korean brokerage firm Korea Investment & Securities has decided to stop its investments in coal, in line with the Moon Jae-in administration’s “Green New Deal” initiative, one of the key pillars of the so-called “Korean New Deal” economic stimulus package.

“We will stop investing in coal from now on. To fulfill our social responsibility as a firm, we’ll strengthen ESG -- environmental, social and governance -- investments instead,” a KIS official said. “It is to follow the Paris Agreement to lower global carbon emissions as well as participate in the government’s Green New Deal policy.”

Last year, the brokerage firm made a total of 800 billion won ($671.3 million) worth of ESG investments, including 200 billion won worth investments in renewable energy. The accumulated amount came to nearly 15 percent of its equity, according to KIS.

Meanwhile, KIS plans to disclose its latest ESG investing results through the firm’s biennial report on corporate sustainability management. The upcoming report is slated to be published in September.

By Jie Ye-eun (yeeun@heraldcorp.com)