As the largest bank in the world, ICBC has a great potential to become the world’s best bank by stopping all its financing to fossil fuel projects.

Industrial and Commercial Bank of China (ICBC) is the world’s biggest bank financing massive fossil fuel projects and corporations in Africa, Europe, and Asia.

From October 2018 to October 2020, ICBC channeled $40 billion to the coal industry. If this doesn’t stop, these projects will continuously destroy fragile ecosystems and fresh waterways, cause societal harm to communities, and contribute to millions of premature deaths caused by air pollution.

ICBC’s global influence means that they can become the world’s climate leader in sustainable finance — and lead a just recovery from dirty energy to renewable energy sources for all.

ICBC could be a real catalyst for global energy transition if it shored up its considerable resources behind a push for:

• A real low carbon transition/fossil fuel phase-out that excludes not only coal but other fossil fuels including all hydrocarbons. Green development would imply emission reductions as well as not creating new dependencies on fossil fuel infrastructure such as energy imports.
• Becoming a benchmark financial actor by leading on closing loopholes that allow coal companies to reach financing through lending to corporations.
• Working with local communities, securing local participation, justice, and equity for those being impacted by the projects in question.