HSBC, Citi, JP Morgan, Standard Chartered undermining their statements on Carmichael by raising funds for SBI

8th January 2021

Reports indicate that the State Bank of India (SBI) is issuing a US$600 million bond next week, with HSBC, Citi, JP Morgan and Standard Chartered listed as managers leading the deal. SBI may be about to lend AU$1billion to the Carmichael coal project, which means these banks could be helping to raise funds for Adani’s controversial and widely shunned coal mine despite having publicly committed to avoid Adani’s Carmichael coal project.

If HSBC, Citi, JP Morgan and Standard Chartered are serious about these commitments, any support they provide must be conditional on no State Bank of India loan to the Carmichael project.

Reports of the bond issue comes after major public outcry and backlash from investors across the world.

Standard Chartered, Citi, HSBC and JP Morgan have all made public statements on Adani’s controversial coal project (as outlined below). Their willingness to raise hundreds of millions in bonds for SBI ahead of a massive loan to Adani undermines global efforts stop runaway global warming.

  • HSBC: “[HSBC] is extraordinarily unlikely to go anywhere near [Abbot Point]” “HSBC will no longer support new thermal coal mines”
  • JP Morgan Chase: “We will not finance… a new greenfield coal mine or a new coal-fired power plant in a high income OECD country” “We do not finance natural resource projects within UNESCO World Heritage Sites unless… such operations will not adversely affect the Outstanding Universal Value of the site”
  • Citi: “Citi is not involved and does not plan to be involved in any financing for the Abbot Point expansion”
  • Standard and Chartered: “Both parties [Standard Chartered and Adani] have agreed to end the bank’s role in the Carmichael project” “We will not provide project finance or project finance advisory services to new standalone, non captive thermal coal mining projects”

Take action by telling these banks they are undermining their stance on Carmichael.

Take action

Tell these banks they are undermining their commitment on Carmichael by issuing bonds for SBI.