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Stop funding coal overseas, NGO group tells top investor Bank of China

By David Stanway SHANGHAI (Reuters) - Bank of China (BoC), a top global investor in coal power plants, must end the financing of such projects outside China and support clean and...
Stop funding coal overseas, NGO group tells top investor Bank of China © Reuters. FILE PHOTO: A Bank of China logo in Beijing, China, October 19, 2020. REUTERS/Tingshu Wang

By David Stanway

SHANGHAI (Reuters) - Bank of China (BoC), a top global investor in coal power plants, must end the financing of such projects outside China and support clean and renewable energy instead, an alliance of 35 non-governmental organisations said on Tuesday.

The comments, made in an open letter to state-controlled BoC's chairman Liu Liange and signed by groups from 13 countries in Asia, Africa and Europe, add to the growing criticism of China for financing coal-fired power stations overseas, especially as part of its Belt and Road Initiative.

While China has said that it would respect the right of local communities to decide what sort of energy they needed, the letter, which has been signed by organisations from several Belt and Road countries, indicates growing opposition to coal even in developing nations.

Bank of China's total overseas financing of coal-based power projects since the Paris climate agreement in 2015 stands at more than $35 billion, the most by any investor globally, and is "out of step with China's climate change ambition", the letter said.

It said more than 130 financial institutions have already decided to restrict fossil fuel investments, and urged Bank of China to follow suit.

Bank of China did not immediately respond to requests for comment. Its President Liu Jin said at the end of August that the bank would "gradually reduce" the share of total credit extended to coal projects during the 2021-2025 period, but would also issue more loans for technical upgrades in the sector.

Julien Vincent, Executive Director of Market Forces, an Australian organisation that campaigns against fossil fuel finance, said dozens of coal-fired power plants around the world would not go ahead without the bank's support.

"The narrative on coal from Chinese business and finance leaders is clearly shifting, but what really counts is action," he told Reuters.

Chinese financial institutions have been gradually shifting away from coal. Industrial and Commercial Bank of China, the world's biggest bank by assets, has already pledged to draw up a "road map" to pull out of coal.

In recommendations published last week, a government advisory body also called on China to "restrict and gradually stop" the use of public funds in overseas coal power investment, and encourage state banks to make similar commitments.

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28-09-2021 04:43:45 (UTC+7)

EUR/USD

1.1697

+0.0003 (+0.03%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (6)

Sell (1)

EUR/USD

1.1697

+0.0003 (+0.03%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (6)

Sell (1)

GBP/USD

1.3703

+0.0008 (+0.06%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (6)

Sell (0)

USD/JPY

110.99

-0.01 (-0.01%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (7)

AUD/USD

0.7287

+0.0001 (+0.01%)

Summary

Neutral

Moving Avg:

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Buy (3)

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USD/CAD

1.2626

-0.0001 (-0.01%)

Summary

Sell

Moving Avg:

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Buy (1)

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EUR/JPY

129.83

+0.05 (+0.04%)

Summary

Sell

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Sell (12)

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Buy (3)

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EUR/CHF

1.0837

+0.0014 (+0.13%)

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↑ Buy

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Gold Futures

1,749.85

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Silver Futures

22.637

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Copper Futures

4.2797

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Crude Oil WTI Futures

75.41

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Brent Oil Futures

78.61

0.00 (0.00%)

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Natural Gas Futures

5.860

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US Coffee C Futures

194.98

+0.63 (+0.32%)

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Euro Stoxx 50

4,165.48

+6.97 (+0.17%)

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S&P 500

4,443.11

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DAX

15,573.88

+42.13 (+0.27%)

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FTSE 100

7,063.40

+11.92 (+0.17%)

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Hang Seng

24,208.78

+16.62 (+0.07%)

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Buy (10)

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Buy (8)

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US Small Cap 2000

2,281.79

+33.71 (+1.50%)

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IBEX 35

9,002.90

+129.80 (+1.46%)

Summary

Buy

Moving Avg:

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Sell (2)

BASF SE NA O.N.

64.740

+1.040 (+1.63%)

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↑ Sell

Moving Avg:

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Buy (1)

Sell (5)

Bayer AG NA

47.47

+0.99 (+2.13%)

Summary

↑ Buy

Moving Avg:

Buy (12)

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Buy (9)

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Allianz SE VNA O.N.

196.19

+3.85 (+2.00%)

Summary

↑ Buy

Moving Avg:

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Buy (6)

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Adidas AG

278.80

-2.77 (-0.98%)

Summary

↑ Sell

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Deutsche Lufthansa AG

6.561

+0.328 (+5.26%)

Summary

↑ Buy

Moving Avg:

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Buy (7)

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Siemens AG Class N

147.27

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Deutsche Bank AG

11.120

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Summary

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Moving Avg:

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Buy (5)

Sell (3)

 EUR/USD1.1697↑ Buy
 GBP/USD1.3703↑ Buy
 USD/JPY110.99↑ Sell
 AUD/USD0.7287Neutral
 USD/CAD1.2626Sell
 EUR/JPY129.83Sell
 EUR/CHF1.0837↑ Buy
 Gold1,749.85↑ Sell
 Silver22.637Neutral
 Copper4.2797Neutral
 Crude Oil WTI75.41↑ Sell
 Brent Oil78.61↑ Sell
 Natural Gas5.860↑ Buy
 US Coffee C194.98↑ Buy
 Euro Stoxx 504,165.48↑ Sell
 S&P 5004,443.11↑ Sell
 DAX15,573.88↑ Sell
 FTSE 1007,063.40↑ Sell
 Hang Seng24,208.78↑ Buy
 Small Cap 20002,281.79↑ Sell
 IBEX 359,002.90Buy
 BASF64.740↑ Sell
 Bayer47.47↑ Buy
 Allianz196.19↑ Buy
 Adidas278.80↑ Sell
 Lufthansa6.561↑ Buy
 Siemens AG147.27↑ Sell
 Deutsche Bank AG11.120↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank5,665/ 5,715
(0/ 0) # 900
SJC HCM5,635/ 5,700
(0/ 0) # 885
SJC Hanoi5,635/ 5,702
(0/ 0) # 887
SJC Danang5,635/ 5,702
(0/ 0) # 887
SJC Nhatrang5,635/ 5,702
(0/ 0) # 887
SJC Cantho5,635/ 5,702
(0/ 0) # 887
Cập nhật 28-09-2021 04:43:47
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Sản phẩmVùng 1Vùng 2
RON 95-IV2204022480
RON 95-II,III2194022370
E5 RON 92-II2071021120
DO 0.05S1658016910
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$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD22.630,0022.860,00
EUR25.993,7727.346,60
GBP30.324,2231.591,18
JPY200,45212,05
KRW16,7520,39
Cập nhật lúc 18:54:42 27/09/2021
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