Email State Bank of India | State Bank of India: No public money for billionaire Adani!

Email State Bank of India

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Send an email to senior decision makers at the State Bank of India below. Your email will be most powerful if you put it in your own words.

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Dear Sir,

I am very concerned about your confirmation that the State Bank of India is considering giving AU$1 billion (5,000 CR) to Adani for the development of the Adani Carmichael coal project.

I am writing to you to urge you to rule out this loan and announce publicly that you will not provide any support to Adani Mining Australia and the Adani Carmichael coal project, like SBI did back in 2015.

As I am sure you are aware, Amundi has divested from SBI following similar moves from AXA IM, and the largest asset manager in the world, BlackRock, along with Norwegian giant Storebrand, have also spoken out against your proposed loan for the Adani Carmichael mine.

I also note your recent comments that this is not a direct loan, but a standby line of credit. No matter how the funds change hands, this SLC would still be in support of the Adani Carmichael project.

Adani's proposed coal mine is the most environmentally and socially contentious project in Australia's history, the object of years-long international controversy and resistance from the Wangan and Jagalingou Traditional Owners and the broader community. It would have dire consequences for the climate, with emissions from the coal burned over its lifetime equivalent to eight years of Australia’s annual greenhouse gas emissions.

Adani’s project would increase shipping and industrial activity in the already stressed Great Barrier Reef World Heritage Area. And the Traditional Owners of the land on which the mine would be dug, the Wangan and Jagalingou, continue to oppose the project. Indian farmers and villagers are fighting Adani’s Godda power plant, where coal from Carmichael will be burned, after Adani forcibly removed them from their land.

In October 2020, Adani was fined by the Australian Federal Government for illegally bulldozing threatened species habitat without conducting surveys or updating their Species Management Plan, as required under Australian law. This is part of a long history of illegal activity in Australia and India.

Critically, the world is on the brink of triggering runaway climate change, and the Paris climate change agreement struck in 2015 aims to hold global warming to below 1.5˚C above pre-industrial levels. If we want a safe, liveable climate, we cannot afford to build Adani’s coal mine and open up one of the largest new thermal coal basins in the world.

India and Australia are already facing devastating impacts of global heating with ever-worsening heatwaves, droughts and floods costing lives and livelihoods. SBI funding Adani's coal mine will make things worse.

103 major companies have already ruled out involvement with Adani’s coal project, including some of the world's largest banks and insurers, because of the controversy and reputational risks associated with the project. SBI are exposing Indian taxpayers to financial risks that private investors refuse to accept.

Millions of Indians are suffering from climate disasters and the worst public health crisis in a generation. Public money should be used for public good, not for the private benefit of one billionaire. I expect your prompt reply to unequivocally rule out any further involvement by SBI in any part of the Adani Carmichael coal project.

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