,China
The open letter names Bank of China as the world's largest coal financier. (Photo source: Wikimedia)

Bank of China urged to stop funding coal projects overseas

The alliance, made up of 35 NGOs, noted the bank’s alleged lack of a public policy to reduce coal investments.

An alliance of 35 non-governmental organisations has asked Bank of China (BOC) to end financing coal power plant projects outside China, based on an open letter signed by groups from countries in Asia, Africa, and Europe.

The open letter addressed to BOC's chairman Liu Liange, noted that the bank’s total overseas financing of coal-based power projects since the Paris climate agreement in 2015 has reached over $35b. This makes BOC the largest coal financier in the world at the moment, the letter said.

The alliance also hit on BOC’s lack of a public policy that reduces its investments in coal and fossil fuels. This reportedly puts it behind 130 financial institutions that have limited their support for fossil fuels.

In the letter, BOC is urged to enact a policy that rules out financing new and expansionary thermal coal and mining projects; commits the bank to face out financing to the fossil fuel industry; and prioritizes financing for the development of clean, renewable energy “in a manner that upholds local ecological sustainability and the rights of communities to free, prior, and informed consent.”

The alliance said that it is open to have a dialogue with BOC to discuss any issues specific to the bank’s coal projects that it is financing in the alliance’s home countries and to improve its policies to phase out coal.

BOC has yet to respond to the open letter as of press time.

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Anju Abrol has over 30 years of banking experience.
Tse Yi-Mun will lead the bank’s north Asia branch as its managing director and group head.
Clients can now purchase SC Hong Kong’s wealth management products.
Citi plans to offer around 100 types of wealth products from the mainland.
Agents can apply for the loan through the BRILink Mobile application.
The delinquency ratio has been on the decline since May 2018.
The market is forecasted to rebound by over 15% in 2021.
The fund aims to achieve a potential monthly dividend payout of 5% per annum.
Its Vice President of Solution Consulting in Singapore discussed how to bridge the digital gap and humanise the banking experience in the new normal.
There is an increased demand for loans for home purchases and 'jeonse.’
The partnership is eyeing 16 million customers by 2025.
The U-Energy platform has nine partners that can support energy efficiency projects.
The bank expects its own climate financing in 2019-2021 to reach $17b.