FROZEN GAS, BOILING PLANET

The report details how 18 South Korean investment banking institutions provided US$7.4 billion to LNG expansion between 2021 and 2023. It specifically highlights DB Financial, Kyobo Life Insurance, and KDB Financial Group as the primary contributors, accounting for 44% of this total. The document argues that this support fuels a climate disaster by locking in long-term fossil fuel dependence and increasing the risk of stranded assets, particularly through the financing of the Korea Gas Corporation (KOGAS).

• Between 2021 and 2023, 18 South Korean investment banking institutions provided US$7.4 billion in financing for LNG expansion to the top 150 global LNG developers.
• Three institutions—DB Financial, Kyobo Life Insurance, and KDB Financial Group—are the dominant financiers in South Korea, providing 44% of the total national financing for LNG expansion between 2021 and 2023, with each contributing at least US$1.0 billion.
• Financial support from these institutions is increasing rapidly; between 2021 and 2023, Kyobo Life Insurance increased its financing by 12.5 times, while DB Financial and KDB Financial Group increased theirs by 2.2 and 2.3 times, respectively.
• The Korea Gas Corporation (KOGAS) is a primary recipient of this funding, receiving 83% of its total external financing for LNG expansion from South Korean investment banking institutions. KOGAS is ranked as the 37th largest global greenhouse gas emitter from planned LNG export terminals over the next five years.
• South Korean financial institutions lack policies to restrict oil and gas financing, placing them behind international peers like ING and certain European banks that have begun limiting LNG support.
• The expansion of LNG infrastructure in South Korea and Vietnam risks creating stranded assets and hindering the energy transition, as gas consumption in South Korea is expected to decline and renewables are more economically viable in Vietnam.

APA

Delaporte, L.-M., Duclos-Gonda, J., Williams, C., & Werlé, N.-P. (2024). FROZEN GAS, BOILING PLANET. Reclaim Finance. https://reclaimfinance.org/site/wp-content/uploads/2024/12/Frozen-gas-boiling-planet-country-brief-South-Korea.pdf

Chicago

Delaporte, Louis-Maxence, Justine Duclos-Gonda, Clara Williams, and Noam-Pierre Werlé. FROZEN GAS, BOILING PLANET. Reclaim Finance, 2024. https://reclaimfinance.org/site/wp-content/uploads/2024/12/Frozen-gas-boiling-planet-country-brief-South-Korea.pdf.

Wikipedia

{{cite report |last1=Delaporte |first1=Louis-Maxence |last2=Duclos-Gonda |first2=Justine |last3=Williams |first3=Clara |last4=Werlé |first4=Noam-Pierre |title=FROZEN GAS, BOILING PLANET |publisher=Reclaim Finance |date=December 2024 |url=https://reclaimfinance.org/site/wp-content/uploads/2024/12/Frozen-gas-boiling-planet-country-brief-South-Korea.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{delaporte2024frozen, author = {Delaporte, Louis-Maxence and Duclos-Gonda, Justine and Williams, Clara and Werlé, Noam-Pierre}, title = {{FROZEN GAS, BOILING PLANET}}, institution = {Reclaim Finance}, year = {2024}, month = dec, url = {https://reclaimfinance.org/site/wp-content/uploads/2024/12/Frozen-gas-boiling-planet-country-brief-South-Korea.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }