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Stop funding coal abroad, NGO group tells top investor Bank of China
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.
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A man catches fish with a net in the Huangpu river across the Wujing Coal-Electricity Power Station in Shanghai on February 21, 2017 (Agence France Presse/Johannes Eisele)
B
ank of China (BoC) , a top global investor in coal- power plants, must end the financing of such projects outside the mainland and support clean and renewable energy instead, an alliance of 35 non-governmental organizations 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 organizations 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 declined to comment on the letter. 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.
Gradual Shift
