On June 23rd, grassroots groups and civil society organisations from around the world came together to ask the Industrial and Commercial Bank of China (ICBC) to show real climate leadership by stopping the financing of fossil fuel projects and funding renewable energy instead. We are sharing Asian People’s Movement on Debt and Development’s open letter to ICBC
Today the Industrial and Commercial Bank of China (ICBC), one of the three financial advisors of the East African Crude Oil Pipeline (EACOP), among other fossil fuel projects, is holding its Annual General Meeting (AGM), where shareholders will be making important decisions regarding the institution’s policies and investment plans.
On 23 June 2022, ICBC's annual general meeting will take place. We need to keep the pressure up to ensure ICBC makes the rapid switch from fossil fuels to renewables.
In the week of 23 March 2022, a whopping 1.5 million people gathered at the famous Orange Blossom Festival in Adana, Turkey. The most attractive guest at the gathering was a sea turtle. What does it have to do with ICBC? Read the full story below to learn more.
Members of the #StopEACOP campaign represented by 61 civil society organisations (CSOs) from Uganda, Tanzania, DR Congo and Kenya, wrote to the Industrial and Commercial Bank of China (ICBC) expressing their concerns about its role as a financial advisor and its potential participation in a $2.5 billion project finance loan for the development of the East African Crude Oil Pipeline (EACOP) project.
No one is immune to losing faith, especially when you know you are on the right side of the law and you’re up against one of the world’s biggest fossil-fuel financiers.
In the last 12 months, the world of coal financing has shifted dramatically. Even ICBC themselves have indicated that they are moving away from the high-emissions fuel. However, for the residents of Thar, vague hopeful statements of the future will not change the real, tangible heartbreak they are going through at the moment.
“It’s not that we don’t want development. We do. But what we want is sustainable development."