Why Indonesian K-pop fans are boycotting a South Korean bank

SEOUL – Indonesian K-pop fans are calling out a major South Korean bank over its financing of coal-linked industrial projects, showing fan communities’ potential to mobilise as political and social actors.

Kpop4planet, a global climate advocacy platform created by K-pop fans, voiced opposition against Hana Bank’s overseas lending to Indonesia’s major nickel producer Harita Group. It said that the company’s use of coal-fired power stations negatively affects the climate, contradicting the bank’s climate pledges and its public image that K-pop stars have helped to shape.

Hana Bank, a Korean financial institution widely used by Indonesians, has employed K-pop stars including G-Dragon and Ive’s Ahn Yu-jin to promote its brand among young users.

Representing more than 280,000 followers across social media, Kpop4planet and 12 Indonesian K-pop fan clubs have been staging the “Hana, Bring K-pop, Not Coal” campaign since December 2025.

They argue the bank has continued lending to Harita Group on Obi Island in Indonesia, where new coal-fired power plants supply energy to a rapidly expanding nickel-processing industry.

Obi Island has rapidly transformed into a major industrial hub as global demand for nickel surges, fuelled by the rise of electric vehicles and battery production. Much of its nickel-processing activity depends on coal-fired power stations.

According to local Indonesian media outlets and Dutch-based watchdog Recourse, Hana Bank’s Indonesian subsidiary helped arrange a syndicated loan worth US$530 million (S$673 million) in 2022 for a Harita Group affiliate.

The funds were used for debt repayment and the construction of a nickel smelter on the island. Global Energy Monitor estimates the coal plants powering facilities there already exceed 1,630MW, with Harita planning to expand capacity beyond 4GW.

Harita’s annual emissions already account for around 1 per cent of Indonesia’s total and are projected to nearly double by 2028.

Campaigners say the practice contradicts Hana Financial Group’s own pledge to exit coal financing, announced in 2021.

“What used to be a lush Obi Island is now suffering from severe environmental destruction,” the fan groups said in their open letter to Hana Bank.

“The carbon emissions and pollution from coal expansion, enabled by Hana Bank’s financing, will fall squarely on future generations.”

Responding to the criticism, Hana Bank told The Korea Herald that it has not provided project financing for any new coal-related ventures since declaring its coal-exit policy in 2021.

The bank emphasised that its involvement in the Indonesian nickel smelter project was not as an arranger but as a minor participant in a syndicated loan.

Hana Bank confirmed that its Indonesian subsidiary joined a US$530 million syndicated loan extended in 2022 to an affiliate of Harita Group alongside DBS and UOB, but said its contribution amounted to only US$15 million and has since been fully repaid.

The bank said it later participated in a US$500 million refinancing round in 2024 with a US$30 million commitment, of which about US$25.5 million remains outstanding.

The bank also contended that avoiding all lending to companies that indirectly use electricity generated from coal-fired power plants is “realistically difficult”, noting that this is a challenge shared by other financial institutions operating in emerging markets.

Kpop4planet campaigner Nurul Sharifah told local media that the sensitivity of coal-fired industrial plants in regions like North Maluku, where many communities still lack stable electricity.

“In places like South Halmahera, where Obi Island is located, people still struggle to access electricity, so self-sustaining coal plants that bring no community benefit are a major point of criticism,” she said.

Ms Nurul, who travelled to Seoul to deliver fans’ views directly to Hana Bank, described herself as a decade-long fan of EXO’s D.O., saying she felt “betrayed” when she learnt a Korean bank supported a coal-dependent project abroad.

“We love K-pop, so we care about the future our idols will live in,” she said.

K-pop activism

Founded in 2021, Kpop4planet describes itself as a platform where K-pop fans advocate for climate justice in solidarity with communities often excluded from environmental debates – including young people, Indigenous groups, women, the Global South and LGBTQ+ communities.

Scholars have described K-pop fans as among the most mobilised online collectives on the planet – long recognised for their digital coordination.

K-pop fan communities maintain dense communication networks across social media platforms, operate volunteer-run teams and have experience coordinating mass donations, fund-raising drives and campaigns.

“While fandoms typically organise around artists, they have evolved into communities with strong internal norms around justice, inclusion and collective action,” culture critic Ha Jae-geun explained.

In Indonesia, where K-pop has a massive youth following, fans have previously mobilised for social causes ranging from disaster relief to political transparency.

“The campaign against Hana Bank highlights how global fandoms now expect corporations endorsed by K-pop stars to uphold social and climate responsibility, not just leverage idol images for marketing,” Mr Ha said.

“The issue is not only environmental, but also relational. There is a sense that corporate behaviour should align with the values associated with the artists they admire.”

The Indonesian fan groups say they will continue their campaign until Hana Bank clearly commits to ending coal-related financing.

“We will not stop until Hana Bank provides a clear answer and ends financing for industries dependent on coal-fired power,” the group said.

“K-pop fans are known for their solidarity and persistence.” THE KOREA HERALD/ASIA NEWS NETWORK