ICBC Abandons Sengwa & Lamu Coal Projects in Africa
Energy Mix reported that Industrial and Commercial Bank of China with a global portfolio including fossil fuel extraction, has tentatively agreed to stop financing Lamu coal project in Kenya and Sengwa coal project in Gokwe in Zimbabwe after bowing to civic pressure.
Go Clean said that it has recorded marked progress in negotiations with the bank. It said “There have been some major campaign developments regarding our engagement with the Industrial and Commercial Bank of China. 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. ICBC also confirmed that they will not fund the Lamu coal project in Kenya as well as the Sengwa coal project in Zimbabwe.
Go Clean added “It hasn’t been an easy decision. But in order to respect the communities affected by coal financing, we now see that holding the gathering at this point would prevent us from making key progress on getting ICBC to rule out coal.”
ICBC will follow a trend already set by the Philippines-based multilateral bank, Asian Development Bank, one of the region’s biggest energy financiers, which announced in May 2021, in a new draft energy policy, it was cutting down all financing of fossil fuels.