Make a clean break from coal
ICBC has already increased its support to renewable energy sources.
But they still need to make a clean break from coal.
If ICBC wants to be recognized as an international true leader on sustainability, the bank must stop direct and indirect financing for thermal coal projects immediately. ICBC must follow the lead of the Chinese government and increase its climate ambitions, zeroing emissions from its operations and finances.
Zero means no new coal power plants, anywhere.
Industrial Commercial Bank of China (ICBC) is the
world’s biggest bank,
currently funding huge coal projects in Africa, Europe, and Asia.
From October 2018 to October 2020, ICBC channeled $40 billion to the coal industry.
ICBC has shown their commitment to the environment in a number of ways, but to set an example, they must commit to a clean future without coal.
Go Clean ICBC is a global network of organizations opposed to ICBC’s coal finance. Our message is gaining momentum, with strong resistance to ICBC’s coal funding in recipient countries like Turkey, Zimbabwe, Indonesia and Pakistan.
As the world’s biggest bank, ICBC has an opportunity to be the world’s climate leader in green finance and sustainability — leading the global transition from coal into renewable energy sources like wind and solar.
ICBC should follow the lead of the Chinese government and commit to emissions reduction across its portfolio and operations, helping lead China to net zero by 2060. In doing so, ICBC can strengthen its position in the energy transition and guide peers in the right direction.
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Ordinary citizens pay hefty price for unsustainable investments
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Lamu residents worry about their health, as the fate of the ICBC-backed coal plant remains uncertain
The collapse of the coal plant in Lamu last year led to a major sigh of relief for the thousands of locals who had put up a spirited fight over the last four years to stop the ICBC-backed coal plant.
Cambodia’s shift to coal is harming the country and pushing away foreign investors
Up until 2018, Cambodia had been generating most of its electricity from hydroelectric dams. However, the fast-tracked approval of two new coal power plants last year signals a dramatic shift in its energy policy. A wave of investments from international investors, including the Industrial and Commercial Bank of China (ICBC), has made this possible.
Heavy Metals and Heat
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Alternatives for coal energy in Kenya after the collapse of Lamu Coal Plant
Since residents of the Kenyan coastal town of Lamu won their fight against a new coal plant, the government seems to be making small steps towards a more efficient and sustainable energy future.