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ICBC Bails on Financing $3 Billion Sengwa Coal Power Plant in Zimbabwe

Photo by Wander Fleur on Unsplash

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.

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