An alliance of non-governmental organizations sent an open letter to Bank of China, urging them to step up climate change efforts and stop financing coal projects abroad.
The letter was addressed to Bank of China chairman Liu Liange and urged the ‘big four’ lender to support clean and renewable energy while putting an end to coal financing, adding that 130 financial institutions had already decided to restrict fossil fuel investment.
Coal-based power project financing for Bank of China exceeded $35 billion overseas since the Paris climate agreement in 2015, surpassing any investor globally, and is «out of step with China's climate change ambition», the letter said.
The alliance is made up of 35 non-governmental organizations from 13 countries across Asia, Africa and Europe.
Climate Change Pledges
President Liu Jun said that Bank of China would «gradually reduce» the share of credit extended to coal projects.
In the broader country, Beijing has pledged to peak carbon emissions by 2030 and achieve carbon neutrality by 2060.
