Tell SBI’s investors to speak out and stop the loan | State Bank of India: No public money for billionaire Adani!

Tell SBI’s investors to speak out and stop the loan

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I am very concerned that your company is at risk of becoming exposed to the controversial Adani Carmichael mine through your investment in the State Bank of India (SBI). Recent reports indicate SBI is considering a US$650 million loan to Adani’s coal project in Australia, with a decision due very soon.

If the loan goes ahead, as an investor in SBI, you will become exposed to one of the most destructive, controversial and financially marginal projects on Earth. The Carmichael thermal coal mine could become the biggest in Australia, and open up an entire new thermal coal basin as the world attempts to mitigate climate change. This obviously carries significant reputational and financial risks.

I am writing to request that you make a statement today, calling on SBI’s Board and Executive Committee to disapprove this loan.

Recently Amundi made it clear to SBI that it will divest its SBI green bonds if SBI loans to Adani Carmichael. This is an example of the positive engagement I seek.

At a time when India is planning to phase out thermal coal imports, and with renewable energy already outperforming coal economically, there is no financial or economic case for SBI to fund Adani’s coal mine.

The Carmichael project is the object of years-long international controversy and resistance. It would increase shipping and industrial activity in the already stressed Great Barrier Reef World Heritage Area. The traditional owners of the land on which the mine would be dug, the Wangan and Jagalingou, continue to oppose the project.

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. SBI’s funding of the Adani Carmichael project would make things even worse, opening up an entirely new thermal coal basin when the need to replace coal with clean energy has never been greater.

Over 85 companies have ruled out involvement in the project and no private banks are willing to fund it. Due to Carmichael’s negative impact on the climate and lack of economic merit, any company associated with the project will be held accountable by the global community and will see its reputation profoundly damaged. If SBI makes the wrong decision this week, this reputation damage could extend to the bank’s globally-significant investors.

As one of these investors, your company has an urgent opportunity to be a positive influence, directing SBI away from exposing itself and its investors to the disastrous Adani Carmichael coal mine.

SBI and India’s banking system in general is already under strain due to a large number of non-performing assets. There is no justification for a loan to a marginal thermal coal project in the midst of the climate crisis and a transition to renewable energy. Please make the case to SBI now.

Yours sincerely,

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