• Email Us: [email protected]
  • Contact Us: +1 718 874 1545
  • Skip to main content
  • Skip to primary sidebar

Medical Market Report

  • Home
  • All Reports
  • About Us
  • Contact Us

Stop funding coal overseas, NGO group tells top investor Bank of China

September 14, 2021 by David Barret Leave a Comment

September 14, 2021

By David Stanway

SHANGHAI (Reuters) – Bank of China (BoC), a top global investor in coal power plants, must end the financing of such projects outside China and support clean and renewable energy instead, an alliance of 35 non-governmental organisations said on Tuesday.

The comments, made in an open letter to state-controlled BoC’s chairman Liu Liange and signed by groups from 13 countries in Asia, Africa and Europe, add to the growing criticism of China for financing coal-fired power stations overseas, especially as part of its Belt and Road Initiative.

While China has said that it would respect the right of local communities to decide what sort of energy they needed, the letter, which has been signed by organisations from several Belt and Road countries, indicates growing opposition to coal even in developing nations.

Bank of China’s total overseas financing of coal-based power projects since the Paris climate agreement in 2015 stands at more than $35 billion, the most by any investor globally, and is “out of step with China’s climate change ambition”, the letter said.

It said more than 130 financial institutions have already decided to restrict fossil fuel investments, and urged Bank of China to follow suit.

Bank of China did not immediately respond to requests for comment. Its President Liu Jin said at the end of August that the bank would “gradually reduce” the share of total credit extended to coal projects during the 2021-2025 period, but would also issue more loans for technical upgrades in the sector.

Julien Vincent, Executive Director of Market Forces, an Australian organisation that campaigns against fossil fuel finance, said dozens of coal-fired power plants around the world would not go ahead without the bank’s support.

“The narrative on coal from Chinese business and finance leaders is clearly shifting, but what really counts is action,” he told Reuters.

Chinese financial institutions have been gradually shifting away from coal. Industrial and Commercial Bank of China, the world’s biggest bank by assets, has already pledged to draw up a “road map” to pull out of coal.

In recommendations published last week, a government advisory body also called on China to “restrict and gradually stop” the use of public funds in overseas coal power investment, and encourage state banks to make similar commitments.

(Reporting by David Stanway, Additional reporting by Cheng Leng in Beijing; Editing by Muralikumar Anantharaman)

Source Link Stop funding coal overseas, NGO group tells top investor Bank of China

David Barret
David Barret

Related posts:

  1. American Eagle online sales drop on easing COVID-19 curbs, shares slump
  2. Tracking startup focus in the latest Y Combinator cohort
  3. Italy’s Draghi says still hopes to hold a G20 summit on Afghanistan
  4. Horizon Forbidden West release date, trailer, news and rumors

Filed Under: News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  • Scientists Perplexed By 407-Million-Year-Old Fossilized Plant That Doesn’t Follow The Fibonacci Sequence
  • This Giant Goldfish Hybrid Weighs As Much As A 10-Year-Old – A Stark Warning About Dumping Pets
  • Scientists Gave Mice Neanderthal And Denisovan Genes. The Results Were Intriguing
  • 2024 Saw Higher Levels Of Carbon Dioxide In The Atmosphere Than Ever Before
  • Halloween Fireballs Will Grace Our Skies As The Taurid Meteor Showers Arrive
  • Newly Discovered Hunting Megastructures Suggest Pre-Bronze Age Societies More Sophisticated Than Previously Thought
  • What Is Spectroscopy And Why Is It So Important To Science?
  • Parkinson’s “Trigger” Seen For The First Time: Scientists Image The Toxic Molecules Inside The Human Brain
  • What Flying Animals Exist That Are Not Birds?
  • DNA Evidence Uncovers Surprising Origins Of Native Americans
  • Single Gene Swap “Transfers A Behavior” Between Two Species For The First Time
  • Interstellar Object 3I/ATLAS Has A Rare “Anti-Tail”, New Observations Confirm
  • Asteroid Apophis: Animation Shows Asteroid’s Nail-Biting Close Approach To Earth In 2029
  • Titan Breaks A Key Chemistry Rule: What That Means For Alien Life
  • Scientists Studied “Chicago Rat Hole” – They Have Bad News, The South Atlantic’s Magnetic Field Weak Spot Is Growing, And Much More This Week
  • Could This Be The Real Reason Humans Survived And Neanderthals Died Out?
  • Newly Discovered Snail Species Named After Studio Ghibli Co-Founder Is A Hairy Beauty
  • 2025 SC79 Is The Second-Fastest Asteroid Ever Found – And Only The Second Within Venus’ Orbit
  • When Red Devil Spiders Arrived On A New Island, Their Genome Dramatically Shrank In Half
  • Is This The World’s Oldest Story? Ancient Human Tale About The Seven Sisters May Be From 100,000 BCE
  • Business
  • Health
  • News
  • Science
  • Technology
  • +1 718 874 1545
  • +91 78878 22626
  • [email protected]
Office Address
Prudour Pvt. Ltd. 420 Lexington Avenue Suite 300 New York City, NY 10170.

Powered by Prudour Network

Copyrights © 2025 · Medical Market Report. All Rights Reserved.

Go to mobile version