Chinese state bank ICBC funded wind energy expansion in Europe, report reveals
Leaked records reveal Chinese state bank ICBC funneled millions into renewable energy firms entering Europe's wind sector as the EU sought energy independence.
Confidential financial records indicate that the Industrial and Commercial Bank of China (ICBC), a major state-owned financial institution, provided substantial backing to assist Chinese clean energy companies in establishing a foothold within the European wind power market. Following Russia's 2022 invasion of Ukraine, the European Union accelerated its transition toward renewable energy to diminish reliance on imported fossil fuels, aiming for clean technology to supply nearly half of its energy by 2030.
However, leaked documents show that Chinese green energy firms used significant state-backed financing from ICBC to secure European contracts. The findings highlight growing challenges for European manufacturers attempting to compete against foreign clean energy suppliers that benefit from extensive state subsidies.
Sources: ICIJ.