Environmental groups in Zimbabwe are celebrating the news that China’s largest bank, the Industrial and Commercial Bank of China (ICBC), has decided not to fund the controversial $3 billion Sengwa coal-fired power plant.
This a milestone decision since Sengwa stood as an example of China’s insistence on funding heavily polluting energy projects in developing countries. The issue has also become a focal point in the burgeoning competition with the U.S., Japan and other G7 countries who have long accused Beijing of underwriting coal and other carbon-intensive energy projects along the Belt and Road.
