ICBC Enters Strategic Cooperative Agreement with State Power Investment Corporation on Green Energy and Energy Security

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China’s biggest bank in terms of a assets has entered a strategic partnership with one of the country’s big five electricity producers to drive green energy and improve energy security.

Industrial and Commercial Bank of China (ICBC) and State Power Investment Corporation (SPIC) executed the “Comprehensive Strategic Cooperation Agreement” (全面战略合作协议) on 3 November, alongside three specialist agreements covering protection of energy supply, green development and industrial chain cooperation.

The strategic partnership will see the two parties further strengthen cooperation in the areas of secure energy supplies and green, low-carbon transformation; engage in close strategic coordination on the matters of peak carbon and carbon neutrality, and jointly drive “positive financial interaction and in-depth cooperation between green energy and green finance.”

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