Following the momentous pledge of China saying that it will stop building and financing coal plant projects overseas just a couple of weeks ago, here’s another piece of good news that you need to know.
The Go Clean ICBC coalition – a global network of civil society organizations and concerned individuals opposing the Industrial and Commercial Bank of China’s (ICBC) coal finance – with an amazingly renewed energy from people power, ramps up its work to stop all of ICBC’s coal investments.
As such, we’re counting on everyone to join yet another historic fight against a finance system that perpetuates the reign of fossil fuels. Will you share this good news with your friends?
ICBC is the world’s biggest bank, and it’s also the biggest in financing massive coal power projects in Africa and Asia. In just a matter of two years – from October 2018 to October 2020 – ICBC channelled US$40 billion to the coal industry.
If ICBC’s coal financing continues, these projects will destroy fragile ecosystems, cause societal harm to communities, and contribute to millions of premature deaths caused by air pollution.
We must ensure that banks like ICBC cannot push forward dirty and unsustainable energy plans. ICBC must live up to its pledge to double its renewable energy investment overseas with a clear roadmap and timetable for coal phase-out.
For ICBC to honour its public commitments and harness its potential to become a climate leader, it needs to stop all its financing to dangerous coal immediately. Last year, ICBC opted to halt its proposed funding for a coal power plant in Kenya’s Lamu County. All thanks to the Lamu community for its relentless campaigning against this coal project.
The Lamu community’s victorious fight is one of the countless springboards that brought together the global Go Clean ICBC coalition. Together, we will show once again that people power can tip the scales towards climate justice.
Now, as we wait for ICBC to declare alignment with the Chinese government’s pledge, let’s take this unique opportunity to push ICBC to be on the right side of history – join us in our demand for ICBC to make a clean break from coal.