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

[ENWL]

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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