{"id":4368,"date":"2022-02-17T15:02:15","date_gmt":"2022-02-17T07:02:15","guid":{"rendered":"http:\/\/world.350.org\/philippines\/?p=4368"},"modified":"2022-02-18T15:22:16","modified_gmt":"2022-02-18T07:22:16","slug":"icbc-still-supports-dirty-coal","status":"publish","type":"post","link":"https:\/\/world.350.org\/philippines\/icbc-still-supports-dirty-coal\/","title":{"rendered":"ICBC still supports dirty coal"},"content":{"rendered":"<p><strong>Jenny Tuazon<\/strong><br \/>\nThe latest research, <a href=\"https:\/\/urgewald.org\/en\/medien\/who-still-financing-global-coal-industry\">Global Coal Exit List<\/a> \u2013 an annually updated report exposing banks and financial institutions funding the global coal industry \u2013 once again names the<strong> Industrial Commercial Bank of China (ICBC)<\/strong> as the top <a href=\"https:\/\/www.investopedia.com\/terms\/u\/underwriter.asp\">underwriter<\/a> for coal.<\/p>\n<p>If banks like ICBC continue business as usual, we won\u2019t be able to move out of coal in time to keep the science-backed 1.5\u00b0C warming limit within reach.<\/p>\n<div id=\"attachment_4371\" style=\"width: 523px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-4371\" class=\"wp-image-4371 size-full\" src=\"https:\/\/world.350.org\/philippines\/files\/2022\/02\/191928616_992183981523753_8847607223527955706_n.jpg\" alt=\"\" width=\"513\" height=\"349\" srcset=\"https:\/\/world.350.org\/philippines\/files\/2022\/02\/191928616_992183981523753_8847607223527955706_n.jpg 513w, https:\/\/world.350.org\/philippines\/files\/2022\/02\/191928616_992183981523753_8847607223527955706_n-441x300.jpg 441w, https:\/\/world.350.org\/philippines\/files\/2022\/02\/191928616_992183981523753_8847607223527955706_n-430x293.jpg 430w, https:\/\/world.350.org\/philippines\/files\/2022\/02\/191928616_992183981523753_8847607223527955706_n-20x15.jpg 20w\" sizes=\"auto, (max-width: 513px) 100vw, 513px\" \/><p id=\"caption-attachment-4371\" class=\"wp-caption-text\">Climate advocates called on the Industrial and Commercial Bank of China (ICBC) to make a clean break from coal through a light painting in Quezon City, Philippines.<\/p><\/div>\n<p>Last year, <a href=\"https:\/\/gocleanicbc.org\/\">a global coalition of civil society groups and communities<\/a> from countries where ICBC funds coal projects was launched, taking the bank to task for the inconsistencies in their climate action claims. It&#8217;s high time to ramp up our call and demand that ICBC makes a clean break from fossil fuels immediately.<\/p>\n<table align=\"center\">\n<tbody>\n<tr>\n<td align=\"center\">\n<div><!-- [if mso]>\n<v:rect xmlns:v=\"urn:schemas-microsoft-com:vml\" xmlns:w=\"urn:schemas-microsoft-com:office:word\" href=\"https:\/\/350.org\/icbc\" style=\"height:50px;v-text-anchor:middle;width:280px;\" stroke=\"f\" fillcolor=\"#61BAE2\">\n<w:anchorlock\/>\n<center>\n<![endif]--><br \/>\n<a style=\"background-color: #61bae2; color: #ffffff; display: block; font-family: Helvetica,Arial,sans-serif; font-size: 15px; line-height: 50px; height: 50px; text-align: center; font-weight: bold; text-decoration: none; width: 280px; border-radius: 0px; -webkit-text-size-adjust: none;\" href=\"https:\/\/350.org\/icbc\" target=\"_blank\" rel=\"noopener noreferrer\">PLEDGE YOUR SUPPORT<\/a><br \/>\n<!-- [if mso]>\n<\/center>\n<\/v:rect>\n<![endif]--><\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Most of the money to coal is now channeled through underwriting. <a href=\"https:\/\/urgewald.org\/en\/medien\/who-still-financing-global-coal-industry\">Around US$ 1.2 trillion was provided to coal<\/a> companies through underwriting. ICBC claims that they are an international sustainable leader, but in reality, they are the largest underwriter for coal.<\/p>\n<p><a href=\"https:\/\/www.theasianbanker.com\/updates-and-articles\/icbc-still-largest-bank-in-the-world-as-assets-grew-10-7\">ICBC also retains its position as the world\u2019s biggest bank<\/a>. 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 <a href=\"https:\/\/www.aljazeera.com\/news\/2021\/9\/22\/xi-tells-un-china-will-not-build-coal-fired-power-plants-overseas\">China\u2019s national policy<\/a> to stop constructing new coal plants abroad.<\/p>\n<p><strong>We believe ICBC can do better. If you do too, help us strengthen the <a href=\"https:\/\/gocleanicbc.org\/\">Go Clean ICBC coalition<\/a>&#8216;s campaign by signing to add your support.<\/strong><\/p>\n<table style=\"height: 120px;\" width=\"846\" align=\"center\">\n<tbody>\n<tr>\n<td align=\"center\">\n<div><!-- [if mso]>\n<v:rect xmlns:v=\"urn:schemas-microsoft-com:vml\" xmlns:w=\"urn:schemas-microsoft-com:office:word\" href=\"https:\/\/350.org\/icbc\" style=\"height:50px;v-text-anchor:middle;width:280px;\" stroke=\"f\" fillcolor=\"#61BAE2\">\n<w:anchorlock\/>\n<center>\n<![endif]--><br \/>\n<a style=\"background-color: #61bae2; color: #ffffff; display: block; font-family: Helvetica,Arial,sans-serif; font-size: 15px; line-height: 50px; height: 50px; text-align: center; font-weight: bold; text-decoration: none; width: 280px; border-radius: 0px; -webkit-text-size-adjust: none;\" href=\"https:\/\/350.org\/icbc\" target=\"_blank\" rel=\"noopener noreferrer\">PLEDGE YOUR SUPPORT<\/a><br \/>\n<!-- [if mso]>\n<\/center>\n<\/v:rect>\n<![endif]--><\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>This new report exposes the banks behind dirty coal and ICBC is still among them<\/p>\n","protected":false},"author":293,"featured_media":4369,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[95,43],"tags":[218],"class_list":["post-4368","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-climate-finance","category-coal","tag-icbc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>ICBC still supports dirty coal | 350 Pilipinas<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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