BankTrack News
ICBC withdraws from financing $3 billion Sengwa coal-fired power plant in Zimbabwe
2021-07-12
BankTrack
The proposed plant would have been built next to Sengwa coal field . Photo: Babakathy/Flickr
2021-07-12
BankTrack
Industrial and Commercial Bank of China Ltd (ICBC) has told the Go Clean ICBC campaign that it won’t fund the 2,800-megawatt Sengwa coal project in northern Zimbabwe. The story was reported by Bloomberg based on an email seen sent to 350.org, one of the groups in the campaign coalition.
Lauri Myllyvirta, lead analyst for the Centre for Research on Energy and Clean Air, commented: “This is highly significant, obviously for Zimbabwe but also for Chinese overseas energy financing. It is the first time, to my knowledge, that a Chinese bank has pro-actively walked away from a coal-power project.” See the Bloomberg story on the IEEFA website here and additional reporting from Climate Home News here.
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