- Industrial and Commercial Bank of China withdraws from coal project
- ICBC finances the controversial Sengwa plant under Go Clean coalition
The Industrial and Commercial Bank of China (ICBC) has announced the withdrawal from its Sengwa Coal project financed under the Go Clean coalition, bowing to public pressure. In a communique issued following a meeting of the Go Clean Coalition and communities affected by the Sengwa project, Go Clean states that ”There have been some major campaign developments regarding our engagement with the Industrial and Commercial Bank of China (ICBC). These developments include the Bank’s continued dialogue with the Go Clean ICBC coalition to chart a clear road map for ICBC to stop funding coal”.
”For these reasons, the Go Clean ICBC coalition made the difficult decision to postpone the Affected Communities of ICBC’s Coal Finance AGM and instead continue with the dialogue”, the Communique continued.
The communique also stated that the ICBC would stop funding the Lamu Coal project in Kenya. “ICBC also confirmed that they will not fund the Lamu coal project in Kenya as well as the Sengwa coal project in Zimbabwe”, the communique read.
Go Clean in the communique noted the difficulty with which the decision was reached and added that it respects the decision of the affected communities in resisting further coal developments.