The latest research Global Coal Exit List – an annually updated report exposing banks and financial institutions funding the global coal industry – once again names the Industrial Commercial Bank of China (ICBC) as the top underwriter for coal.
If banks like ICBC continue business as usual, we won’t be able to move out of coal in time to keep the science-backed 1.5°C warming limit within reach.
Last year, a global coalition of civil society groups and communities from countries where ICBC funds coal projects was launched, taking the bank to task for the inconsistencies in their climate action claims. Now it’s high time for us to ramp up our call and demand that ICBC makes a clean break from fossil fuels!
Most of the money to coal is now channeled through underwriting. Around US$ 1.2 trillion was provided to coal companies through underwriting. ICBC claims that they are an international sustainable leader, but in reality, they are the largest underwriter for coal. It doesn’t make sense.
ICBC also retains its position as the world’s biggest bank. It must use its potential to be a key driver of the energy transition to clean, community-friendly energy while helping solve energy access problems for many communities. But ICBC is still supporting the coal industry with huge sums of money and still not coming up with a clear timeline to implement China’s national policy to stop constructing new coal plants abroad.
We believe ICBC can do better. If you do, too, help us strengthen the Go Clean ICBC coalition‘s campaign by signing to add your support.