*[Enwl-eng] I hate to you break it to you but...

[ENWLine]

The latest research Global Coal Exit List¹ – an annually updated report exposing banks and financial institutions funding the global coal industry – once again names the Industrial Commercial Bank of China (ICBC) as the top underwriter² for coal.

If banks like ICBC continue business as usual, we won’t be able to move out of coal in time to keep the science-backed 1.5°C warming limit within reach.

You’ve taken action with us before, now we’re counting on you again to strengthen our campaign. Will you tell a friend or two, to take action with us, too?

Tell a friend to add their support

Most of the money to coal is now channeled through underwriting. Around US$ 1.2 trillion was provided to coal companies through underwriting. ICBC claims that they are an international sustainable leader, but in reality, they are the largest underwriter for coal. It doesn’t make sense.

ICBC is also the world’s biggest bank. It must use its potential to be one of the key drivers of the energy transition to clean, community-friendly energy while helping solve energy access problems for many communities. But ICBC is still supporting the coal industry with huge sums of money, and not coming up with a clear timeline to implement China’s national policy to stop constructing new coal plants abroad.

We believe ICBC can do better. If you do, too, help us amplify this important news by sharing this with your friends.

Onwards,

Mahir, on behalf of the Go Clean ICBC team

PS. Follow gocleanicbc.org to keep up-to-date with stories from communities affected by ICBC’s coal investments.

References:
1. Global Coal Exit List Finance Research 2022
2. An underwriter is any party that evaluates and assumes another party's risk for a fee, which often takes the form of a commission, premium, spread, or interest. Agents and brokers represent both consumers and insurance companies, while underwriters work for insurance companies.

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From: Mahir Ilgaz, 350.org

Sent: Tuesday, February 15, 2022 3:35 PM

Subject: I hate to you break it to you but... 😞

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