Nordea AM urges consortium to stop massive coal power project

Nordea Asset Management leads a group of 21 investors, representing EUR 4.7trn, which urges the consortium behind a giant new coal power plant in Vietnam to halt its plans. Samsung and Korea Electric Power will curb their participation in future coal projects, but it's too late to back out of the Vung Ang 2 project, they say.

Eric Pedersen, head of responsible investment at Nordea Asset Management. | Photo: PR/Nordea

In a letter, Nordea Asset Management (NAM) urges the consortium behind Vietnam's Vung Ang 2 coal power station to withdraw from the project because of its high climate-related financial and reputational risks. The letter is backed by 20 other investors, including the Church of Sweden, the UK Brunel Pension Partnership and Danish Pension fund Akademikerpension.

In total, the investors represent assets worth EUR 4.7trn.

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