In return for a $3bn state bailout, debt-ridden conglomerate Doosan Heavy Industries has been told to focus on renewable sectors such as offshore wind to help South Korea achieve its massive ‘Green New Deal’ ambitions – but analysts warn the group has a lot of catching up to do.
Under pressure from its state-backed creditor banks, South Korean commentators say Doosan Heavy – which is engaged in a root and branch restructuring that’s likely to see whole divisions sold off – is being told to end its long-standing focus on helping to build coal and nuclear plants and instead seek a greener path in wind, solar, hydrogen and storage.
