---
title: Two-faced ICBC 🎭
date: 2023-02-02T09:13:08Z
modified: 2023-09-12T11:07:37Z
permalink: "https://350.org/two-faced-icbc/"
type: post
status: publish
excerpt: A new report finds ICBC – the world’s biggest bank – is double-dealing on global energy finance, massively increasing its financing to dirty energy instead of renewables in the last 4 years.
wpid: 188547
categories:
  - Featured
  - Finance
  - Global
  - KIITG
tags:
  - finance
crosspost-location:
  - 350 Asia Hub
featured_image: /wp-content/uploads/2023/02/go-cleanicbc-banner.png
author: Jenny Tuazon
---

The Go Clean ICBC coalition just released [a report evaluating the Industrial and Commercial Bank of China’s (ICBC) renewable energy financing](https://gocleanicbc.org/investments-report/).

[![](https://350.org/wp-content/uploads/2023/02/Screenshot-2023-01-24-at-4.56.28-PM-700x492.png)

](https://gocleanicbc.org/investments-report/)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](https://www.newscientist.com/article/2354824-the-first-breach-of-1-5c-will-be-a-temporary-but-devastating-failure/).

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.**

[Take action](https://gocleanicbc.org/take-action-send-a-letter-to-icbc-shareholders/)

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](https://www.brecorder.com/news/40221115/gwadar-plants-on-thar-coal-two-chinese-loans-to-be-confirmed-soon).

> 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](https://twitter.com/hashtag/GoCleanICBC?src=hash&ref_src=twsrc%5Etfw) [\#EndFossilFinance](https://twitter.com/hashtag/EndFossilFinance?src=hash&ref_src=twsrc%5Etfw) [https://t.co/j3WOrTBJwe](https://t.co/j3WOrTBJwe)
> 
> — Go Clean ICBC (@GoCleanICBC) [January 27, 2023](https://twitter.com/GoCleanICBC/status/1618938735466536961?ref_src=twsrc%5Etfw)

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.

[Take action](https://gocleanicbc.org/take-action-send-a-letter-to-icbc-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.