The Go Clean ICBC coalition just released a report evaluating the Industrial and Commercial Bank of China’s (ICBC) renewable energy financing.
At first glance, we thought we already had something to celebrate seeing that ICBC, compared with other multinational banks, provides the highest funding to renewables. But, lo and behold, this new report also finds that its fossil fuel financing has massively increased in the last four years. ICBC’s double-dealing cannot continue since we’re on the brink of breaching the globally agreed warming limit of 1.5ºC.
Now, we’re taking action to the next level targeting ICBC’s commercial shareholders by writing them a letter, and we need your help to make things happen.
ICBC is a major player in the global arena of energy financing, and prides itself on being China’s leader in ‘green finance’ and corporate sustainability. But, in contrast to its domestic and international commitments, ICBC is still the world’s largest financier of coal. The Gwadar coal project in Pakistan is just one of the dirty energy projects ICBC is to finance overseas, according to recent news.
The Industrial and Commercial Bank of China – the world’s largest bank – claims to be a ‘green’ leader in global energy finance, yet continues to finance dirty energy projects 🤡#GoCleanICBC #EndFossilFinance https://t.co/j3WOrTBJwe
— Go Clean ICBC (@GoCleanICBC) January 27, 2023
Our coalition has never stopped working to push ICBC towards its stated claim of being a climate leader, but it will take effort from all sides to make ICBC do the right thing. That’s why we’re turning our attention to their commercial shareholders.
Will you please send these shareholders a letter telling them to push ICBC to become a real climate leader? We’ve set up a platform with a draft letter that you can use and tweak, including the list of the shareholders.
This is the first time we’re writing to their commercial shareholders, so it’s crucial that we show our strength in numbers – the more people sending them letters, the heavier the pressure they’ll feel.
I believe our incredible, powerful, and diverse movement will make things happen for a safer and sustainable future that leaves no one behind.