NGO tells to stop funding coal abroad

Bank of China (BOC), a top global investor in coal power plants, must end the financing of such projects outside the mainland 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.

BOC’s total overseas financing of coal-based power projects since the Paris climate agreement in 2015 stands at more than US$35 billion (S$47 billion), the most by any investor globally.