G20 Scorecard of Fossil Fuel Funding

The Republic of Korea is the fourth-highest provider of public finance for fossil fuels among G20 countries, with an average annual government support of $12.4 billion between 2017 and 2019. While the government has committed to no new public finance for domestic coal projects and aims for carbon neutrality by 2050 under a Green New Deal platform, it has increased public finance for fossil fuels by 9% relative to 2014–2016 levels and provided $2.49 billion in emergency bailout loans to coal plant manufacturer Doosan Heavy Industries & Construction during the COVID-19 pandemic.

• South Korea is the fourth-highest provider of public finance for fossil fuels among G20 countries, having increased this funding by 9% compared to the 2014–2016 average.
• Between 2017 and 2019, the average annual total government support for fossil fuels was $12.4 billion, comprising $6.6 billion in public finance, $4.3 billion in state-owned enterprise (SOE) investment, $1.2 billion in tax expenditure, and $0.2 billion in direct transfers.
• Specific annual average support levels include $7.2 billion for oil and gas exploration, production, refining, and transportation; $3.6 billion for fossil fuel-based power; $1.2 billion for fossil fuel use; and $325 million for coal exploration, production, processing, and transportation.
• Despite commitments to a Green New Deal and carbon neutrality by 2050, South Korea provided $2.49 billion in emergency bailout loans to Doosan Heavy Industries & Construction, a major manufacturer of coal plants, during the COVID-19 pandemic.
• Transparency regarding fossil fuel funding is low; none of the five public finance institutions publish comprehensive project lists, and the country has not committed to a G20 peer review of its fossil fuel subsidies.
• Capacity payments for coal-fired power, estimated by the Korea Power Exchange (KPX) at $1.84 billion per year in 2019, act as subsidies but are not captured in OECD data.

APA

Tucker, B. (2020). G20 Scorecard of Fossil Fuel Funding. International Institute for Sustainable Development. https://www.iisd.org/system/files/2020-11/g20-scorecard-korea.pdf

Chicago

Tucker, Bronwen. G20 Scorecard of Fossil Fuel Funding. International Institute for Sustainable Development, 2020. https://www.iisd.org/system/files/2020-11/g20-scorecard-korea.pdf.

Wikipedia

{{cite report |last1=Tucker |first1=Bronwen |title=G20 Scorecard of Fossil Fuel Funding |publisher=International Institute for Sustainable Development |date=2020 |url=https://www.iisd.org/system/files/2020-11/g20-scorecard-korea.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{tucker2020g20, author = {Tucker, Bronwen}, title = {{G20 Scorecard of Fossil Fuel Funding}}, institution = {International Institute for Sustainable Development}, year = {2020}, url = {https://www.iisd.org/system/files/2020-11/g20-scorecard-korea.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }