Hana Bank criticised by K-pop fans for backing coal-powered nickel industry

Hana Bank has come under criticism from K-pop fans in Indonesia over allegations that the lender continues to finance nickel mining projects reliant on coal-fired power plants, raising questions over its climate commitments.

A total of 12 Indonesian K-pop fan communities are reported to have sent an open letter to Hana Bank’s headquarters in Seoul, South Korea, on February 2, 2026. The letter urges the Korean bank to halt financing for coal-based nickel mining projects, which the fans say contradict Hana Financial Group’s stated climate policies.

The protest was triggered by Hana Financial Group’s Coal Financing Exit Declaration announced in 2021, under which the group pledged to stop financing coal-fired power plant projects both domestically and overseas. The fans argue that the commitment has not been applied consistently.

In the open letter, the fan groups alleged that Hana Bank has provided financing to a nickel mining company operating on Obi Island in North Maluku. According to the letter, the mining operation runs and is developing coal-fired power plants to support its industrial activities, with total generating capacity estimated at 1.6 gigawatts (GW) and plans for further expansion.

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Hana Bank has also drawn scrutiny for appointing several K-pop stars as brand ambassadors. The fan groups argue that this marketing strategy stands in contrast to the bank’s continued involvement in financing large-scale, fossil fuel–based industrial projects in Indonesia.

The letter also highlights the environmental and social impacts associated with nickel mining on Obi Island, including environmental degradation and reported difficulties in accessing clean water for local communities, even as industrial activity continues to expand with international financing support.

In addition, the fans warned that the nickel project could generate significant greenhouse gas emissions. Energy research groups have estimated that emissions could rise sharply over the coming years if planned industrial expansion proceeds, potentially undermining global climate targets and energy transition efforts.

The fan groups urged Hana Bank to stop financing nickel mining projects that rely on new coal-fired power plants, exclude investments in companies expanding coal-based businesses, and strengthen its climate financing policies to align with sustainability commitments.

Campaign organisers said the protest would continue until Hana Bank ends financing for coal-powered nickel mining projects and adopts stricter investment policies on new coal-fired power plant developments.

Editing by Reiner Simanjuntak