22 December 2020 The State Bank of India (SBI) is facing a growing backlash from finance sector firms, after news broke last month that it is seriously considering a A$1 billion loan to the controversial and destructive Adani Carmichael coal project. SBI’s potential support for a new thermal coal mine … Read More
State Bank of India staff reject its proposed loan to Adani coal
17 December 2020 Over 90% of respondents to Market Forces’ State Bank of India (SBI) staff survey would oppose the public bank’s lending of A$1 billion to Adani’s Australian mega-mine. This puts SBI’s management on a collision course with its employees if it ends up supporting Adani’s climate-wrecking Carmichael thermal … Read More
HSBC can help stop the State Bank of India from funding the Adani Carmichael coal mine. But will it?
9 December 2020 Since reports surfaced that the State Bank of India (SBI) is considering lending almost A$1billion to Adani’s Carmichael mega-mine, backlash against the loan has spread through the finance sector. Blackrock, the world’s largest asset manager, and Norwegian investor Storebrand joined European giant Amundi in the call for … Read More
Adani breaches environmental conditions again as SBI investors speak out against loan to the reckless project
4 December 2020 Adani Mining has been fined by the Australian Government for breaching environmental conditions in October, while building its coal mine in important wildlife habitat in central Queensland. This is yet another example of Adani’s disregard for environmental protection and provides another signal to the State Bank of … Read More
Major investor threatens to dump State Bank of India bonds over Adani loan controversy
28 November 2020 Amid a growing public backlash, one of the State Bank of India’s (SBI) investors, French giant Amundi, has announced that it will sell off its SBI green bonds if the bank’s executives grant a A$1bn loan to Adani’s Carmichael coal mine. “We consider SBI should not finance … Read More
SBI’s investors must stop bank from throwing money away on Adani coal
25 November 2020 One week after Indian media reported the State Bank of India (SBI) is considering lending A$1 billion of Indian taxpayers’ money to Adani’s Carmichael coal project, Market Forces has received information that the decision will be made this week. Considering the huge reputational and financial risks inherent … Read More
State Bank of India is considering throwing away $1b of Indian taxpayers’ money on Adani’s Australian coal project
19 November 2020 As the global economy reels from the coronavirus pandemic and following a string of nations’ leaders committing to carbon neutrality in the face of intensifying climate catastrophes, the State Bank of India (SBI) is doing the unthinkable and considering loaning around A$1billion to Adani’s internationally shunned Australian … Read More
Adani forced to haul its own coal, driving up the cost of Carmichael
10 September 2020 Under the veil of the newly created Bowen Rail Company, Adani will be self-transporting Carmichael coal from pit to port. It appears that Adani tried to hide this development, with the new company’s website and media communications not mentioning “Adani” or “Carmichael”. The news highlights two major … Read More
Op-ed: HSBC lags as finance cleans up Asian energy
HSBC lags as finance cleans up on Asian energy Op-ed by Munira Chowdhury, Analyst, Market Forces Published in Asia Times, 22 January 2020 Last week marked a significant milestone in the financial sector’s ever-increasing rejection of coal, as the world’s largest fund manager BlackRock, with more than US$6.5 trillion assets … Read More
Siemens, tut das Richtige und sagt nein zu Adani!
Adani hat gerade bekanntgegeben, dass Siemens den Kontrakt erhalten hat, die Signaltechnik für die Bahnstrecke an der Carmichael Kohlenmine zu liefern – das ist ein Projekt, dass das Galilee Kohlebecken zu Zwecken des Bergbaus öffnen und hunderte Millionen Tonnen Co2 in die Atmosphäre ausstossen würde. Die Adani Carmichael Kohlenmine ist … Read More