Time to go clean, ICBC
Following the momentous pledge of China a couple of weeks ago saying that it will stop building and financing coal projects overseas, here’s another piece of good news I’ve been dying to share for quite a while now.
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 the 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.
Why is this a big deal? ICBC is the world’s biggest bank, and it’s the biggest in financing massive coal power projects in Africa and Asia. Imagine, in just a matter of two years — from October 2018 to October 2020 — ICBC channelled US$40 billion to the coal industry. That huge amount of money could have helped fast-track development of renewable energy infrastructures and training people to equip them for more green jobs.
If ICBC’s coal financing continues, these projects will completely 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, they‘ve already shown the world that they can do the right thing — ICBC opted to halt its proposed funding for a coal power plant in Kenya’s Lamu County. And it wouldn’t be made possible without the Lamu community’s unwavering 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. This growing movement of people demanding the bank to shift all energy finance from dirty and dangerous coal to renewables like wind and solar 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, we’re taking this unique opportunity to push ICBC to be on the right side of history — and we hope more people will join us in our demand for ICBC to make a clean break from coal.
