{"id":42735,"date":"2021-06-30T18:29:23","date_gmt":"2021-06-30T16:29:23","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/?p=42735"},"modified":"2021-06-30T18:17:43","modified_gmt":"2021-06-30T16:17:43","slug":"biggest-china-bank-dumps-plan-to-fund-zims-us3b-coal-power-plant","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/biggest-china-bank-dumps-plan-to-fund-zims-us3b-coal-power-plant","title":{"rendered":"Biggest China Bank Dumps Plan To Fund Zim\u2019s US$3b Coal Power Plant"},"content":{"rendered":"

Africa-Press<\/a> – Zimbabwe<\/a>. <\/strong><\/span>Bloomberg<\/b> – CHINA\u2019S biggest bank has dumped plans to fund a $3 billion coal-fired power plant in Zimbabwe, in a blow to a two-decade effort to develop the project, according to a coalition of 32 environmental groups.<\/p>\n

Industrial and Commercial Bank of China Ltd. told Go Clean ICBC, which includes environmental activist group 350.org, that it wouldn\u2019t fund the 2,800-megawatt Sengwa coal project that RioEnergy Ltd., a unit of RioZim Ltd., is seeking to develop in Northern Zimbabwe.<\/p>\n

Last year Caleb Dengu, RioEnergy\u2019s chairman, said that ICBC had signed a formal notice of interest in funding the plant, that would be constructed by China Gezhouba Group, while associated transmission lines would be built by Power Construction Corp. of China Ltd.<\/p>\n

A withdrawal would be a second setback to the bank\u2019s coal funding plans after a permit to build a coal-fired plant in Lamu in Kenya was canceled by the government last year.<\/p>\n

\u201cICBC also confirmed that they will not fund the Lamu coal project in Kenya as well as the Sengwa coal project in Zimbabwe,\u201d Go Clean ICBC said in a June 18 e-mail to 350.org.<\/p>\n

The decision further narrows the funding options available to developers of coal projects in Africa as western and South African banks have come under increasing pressure from their shareholders not to fund developments that could contribute to climate change. While ICBC confirmed receipt of a query from Bloomberg, it didn\u2019t immediately respond.<\/p>\n

The Chinese lender is under scrutiny over the environmental impact of funding coal projects and is in discussion with the coalition to \u201cchart a clear road map to stop funding coal,\u201d Go Clean ICBC said in the email.<\/p>\n

Nathalia Clark, the associate director of Global Communications at 350.org, declined to give further detail.<\/p>\n

The coalition had planned to roll-out a global campaign last week against the lender\u2019s coal activity, which it suspended due to the ongoing dialog.<\/p>\n

RioEnergy is seeking alternative financiers, a person with direct knowledge of the matter said, asking not to be identified because ICBC\u2019s withdrawal hasn\u2019t been formally announced. Simba Mhuriro, the general manager at RioEnergy said he wasn\u2019t privy to the matter and couldn\u2019t comment.<\/p>\n

Wilson Gwatiringa, a spokesman for RioZim declined to comment.<\/p>\n

Sengwa was initially owned by London-based miner Rio Tinto Group, the one-time parent of RioZim Ltd. It was set aside as Zimbabwe\u2019s relations with the U.K., its former coloniser, deteriorated. After the project was revived in 2016, General Electric Co. and a unit of Blackstone Group LP didn\u2019t pursue initial inquiries.<\/p>\n

The backing of ICBC was seen by RioEnergy as a fresh start in a plan to develop the plant and end recurrent power outages in Zimbabwe.<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. Bloomberg – CHINA\u2019S biggest bank has dumped plans to fund a $3 billion coal-fired power plant in Zimbabwe, in a blow to a two-decade effort to develop the project, according to a coalition of 32 environmental groups. Industrial and Commercial Bank of China Ltd. told Go Clean ICBC, which includes environmental activist […]<\/p>\n","protected":false},"author":84,"featured_media":42734,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6,35,15],"tags":[1493,2189,19],"class_list":{"0":"post-42735","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-economy","9":"category-homepage-english","10":"category-twitter","11":"tag-africa-press","12":"tag-africa-press-zimbabwe-2","13":"tag-zimbabwe"},"yoast_head":"\nBiggest China Bank Dumps Plan To Fund Zim\u2019s US$3b Coal Power Plant - zimbabwe<\/title>\n<meta name=\"description\" content=\"Bloomberg - CHINA\u2019S biggest bank has dumped plans to fund a $3 billion coal-fired power plant in Zimbabwe, in a b ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/biggest-china-bank-dumps-plan-to-fund-zims-us3b-coal-power-plant\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Biggest China Bank Dumps Plan To Fund Zim\u2019s US$3b Coal Power Plant\" \/>\n<meta property=\"og:description\" content=\"Bloomberg - 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