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ICBC, the Industrial and Commercial Bank of China, made a modest move up on this year’s Global 500, rising four spots. The world’s largest lender by assets, ICBC in 2020 reported a $48.1 billion profit—a 1.2% increase from the year prior—thanks to China’s quick economic rebound from the pandemic. This May, the state-owned behemoth signaled a greener future ahead: The bank announced it will establish a road map and timeline for the “gradual” withdrawal of coal financing projects. ICBC is one of the world’s largest coal financiers and provided $4 billion of direct funding to the world’s top coal companies in 2019.
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