New report: ICBC double-dealing on global energy finance, massively increasing its financing to dirty energy instead of renewables in the last 4 years.
The Go Clean ICBC coalition just released a report evaluating the Industrial and Commercial Bank of China’s (ICBC) renewable energy financing – and the findings are not looking good. The report reveals that in the last three to four years ICBC seems to have increased its fossil fuel attributable credit to the selected companies while credit to re- newable energy appears relatively stable, indeed potentially even declining.
These are some of the main findings of the report :
The Bank of China and the ICBC rank among the top 15 creditors of the energy companies studied. They provided USD 71 billion and USD 7 billion respectively in fossil fuels, renewable energy loans, and underwriting services in the period of study.
Three-quarters (USD 53 billion) of ICBC’s energy financing went to fossil fuels, and one quarter (USD 17 billion) to renewable energy.
In the last 3-4 years, ICBC has increased its fossil fuel-attributable credit to the selected companies, while credit to renewable energy appears to be stable or declining.
In the first seven months of 2022, ICBC has already provided almost USD 10 billion in loans attributable to fossil fuels, and only USD 2.3 billion to renewable energy.
Click here to read or download the full report.
