SBI Adani I case French Amundi threatens to sell SBI bonds on proposed loan for Adani coal mine of 5,000 cr

French Amundi threatens to sell SBI bonds on proposed loan for Adani coal mine of 5,000 cr | Photo credit: IANS

Highlights

  • SBI approved $ 1 billion loan to finance Carmichael Adani coal mine project in Queensland following Prime Minister Modi’s visit to Australia in 2014
  • Carmichael is a thermal coal mine under construction in the Galilee Basin in central Queensland
  • Adani was granted the right to extract coal in 2010. Since then, the project has been the subject of controversy.

New Delhi: French company Amundi, which is one of the State Bank of India’s (SBI) largest investors in India, threatened to sell the SBI green bonds it held unless it ended its operation. planned loan of 5,000 crore rupees to the Carmichael coal mine in Adani in Australia.

“We believe that SBI should not fund this project. Ultimately it is their decision but we were extremely clear that if they decided to do so, we would immediately divest ”, Director of the Institutional Clients & ESG Division, Jean Jacques Barberis, was quoted by a global press service.

“The financing of the mine would be in” total contradiction “with the activities of the SBI financed by its green bond, he added.

“We have engaged SBI by asking them not to participate (in the loan) and now we are awaiting their response,” he said.

Amundi, which owns the SBI green bonds as part of its Amundi Planet Green Emerging Fund, said it recently learned that the public lender is going to finance the controversial coal mine project in Australia.

The billion dollar Carmichael Adani coal mine project in Queensland, Australia has been the center of much controversy since its inception as activists because of the environmental issues it poses.

The development comes days after Samsung Securities, the investment arm of the South Korean conglomerate, announced that it would not support the project after it was targeted by protesters for having links with the miner. of coal.

Earlier this week, the first International One Day Match (ODI) between India and Australia in Sydney was briefly interrupted after two protesters appeared on the pitch with placards against the SBI coal mine project. and Adani Carmichael.

Six rounds after the start of Australia’s innings, protesters marched to the center of the ground with signs reading ‘No Billion Dollar Loan Adani’.

The protesters wore a t-shirt with slogans such as “#StopAdani”, “Stop Coal” and “#StopAdani”. Several anti-Adani protesters also gathered outside the Sydney Cricket Ground.

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