Bank of China isn’t keeping up with its global peers.

Bank of China needs to get out of coal.

Read the letter from 34 NGOs across 12 countries calling on Bank of China to end financing for new coal projects.

UPDATE: On September 24, Bank of China announced that “Starting from the fourth quarter of 2021, except for projects already signed, Bank of China will no longer provide financing for new coal mining and new coal power projects overseas.” We need to confirm what Bank of China means by this announcement, and ensure that it exits every one of the polluting coal power stations that have not yet been financed.

Bank of China is the largest coal financier in the world.

Bank of China (BoC) is lagging behind other global banks by continuing to finance coal power and mining, fueling the climate crisis and impacting communities and ecosystems the world over.

This public campaign calls on Bank of China to immediately develop and disclose a policy that:

rules out financing new and expansionary thermal coal power and mining projects,
commits to phasing out financing to the fossil fuel industry in line with the goals of the Paris Agreement, and
prioritizes 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.

To meet the Paris climate goals, and to ensure a safe and healthy climate for current and future generations, the world needs to be out of coal by 2040. This means investments in coal projects today risk becoming stranded as the world rejects fossil fuels and races to adopt clean, renewable energy.

More than 130 other globally significant financial institutions have limited their support for fossil fuels, recognizing coal, oil and gas carry significant environmental, reputational and financial risks. Bank of China however is lagging behind, and has yet to adopt a policy on coal.

The Chinese government has also announced its intention to achieve net zero emissions by 2060. Bank of China’s financing of coal, which totals more than US$35 billion [1] since the signing of the Paris climate agreement in 2015, is out of step with China’s climate ambitions.

To preserve its reputation in the global financial community, mitigate financial risk, and be part of the climate solution, Bank of China needs to get out of coal.

[1] US$22.78 billion (coal power finance) + US$12.23 billion (coal mining finance)

Send your message to Bank of China

Name
First Last
Email
Subject
Your message to Bank of China
Dear Mr. Liu Liange: I write to urge you, in your role as Bank of China’s chairman, to end financing for new coal projects, and finance the replacement of fossil fuels with clean, renewable energy. Research has found Bank of China’s coal financing totals more than US$35 billion [1] since the Paris climate agreement was signed in 2015, making the bank the largest coal financier in the world since this moment. Given China is a signatory to the Paris Agreement and President Xi has also taken positive steps to be carbon neutral by mid-century, I consider Bank of China’s ongoing financing of coal to be out of step with China’s climate change ambition. As a signatory to the Green Investment Principles [2], Bank of China is encouraged to incorporate sustainability and ESG factors into its corporate strategies. There is no room to expand the scale of the fossil fuel industry if we are to meet the goals of the Paris Agreement. New coal power stations would lock the world into using coal past the middle of this century when energy economists and climate scientists say the world needs to end coal-fired power generation by 2040 [3] to be consistent with the Paris Agreement’s ambition of a 1.5°C global warming limit. Research has found that coal is responsible for over 0.3°C of the 1°C increase [4] in global average annual surface temperatures. In addition to climate impacts, coal power plants release many toxins and pollutants, including mercury, lead, sulfur dioxide, and particulate matter. These emissions cause severe health issues [5], such as asthma, brain damage, heart problems, cancer, and neurological disorders. Research has found fossil fuels were responsible for millions of premature deaths per year globally [6]. Coal also carries significant financial risks in the face of an accelerating energy transition that may be borne by lenders, sponsors, or governments where coal power is being built. It is already cheaper to invest in renewables [7] than new coal in all major markets, and every new coal power plant is another barrier to countries developing with clean and more affordable renewable energy. I urge you to immediately develop and disclose a policy that: - rules out financing new and expansionary thermal coal power and mining projects, - commits to phasing out financing to the fossil fuel industry in line with the goals of the Paris Agreement, and - prioritizes 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. [1] https://www.ran.org/bankingonclimatechaos2021/ (This figure is arrived at by adding the total finance for coal power and mining from 2016 to present from this report) [2] https://green-bri.org/green-investment-principle-gip-belt-and-road-initiative/ [3] https://climateanalytics.org/briefings/coal-phase-out/ [4] https://www.iea.org/reports/global-energy-co2-status-report-2019/emissions [5] https://www.annualreviews.org/doi/abs/10.1146/annurev-publhealth-040119-094104 [6] https://www.sciencedirect.com/science/article/abs/pii/S0013935121000487 [7] https://carbontracker.org/reports/how-to-waste-over-half-a-trillion-dollars/ Sincerely,
Would you like to receive updates about this campaign?
- I want to receive updates about this campaign

The information you enter will be sent to Bank of China. Privacy

SHARE THIS CAMPAIGN:

World map showing locations of Bank of China funded coal projects and companies

Bank of China has been supporting destructive coal businesses in 18 countries around the world. See the list of coal projects and coal companies have been or are in line to be funded by Bank of China.

Coal financing

The coal power stations and mines Bank of China is funding are harming communities and climate around the world. Learn more about the communities impacted by Bank of China-funded projects.

Impacted communities

Open letter to Bank of China

Read the open letter from 34 non-governmental organisations across 12 countries calling on Bank of China to end financing for new coal projects:

Read the letter

Media release:

NGOs call on Bank of China to confirm 10GW coal pipeline will be cancelled

22 September 2021

In the wake of President Xi’s announcement at the UN General Assembly that China “will not build new coal-fired power projects abroad”, community groups and NGOs from across the Belt and Road are calling on Bank of China to confirm it will not proceed with...