Home > Adani breaches environmental conditions again as SBI investors speak out against loan to the reckless project

Adani breaches environmental conditions again as SBI investors speak out against loan to the reckless project

4 December 2020

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 India (SBI) that investing in the project is a major risk to its reputation. 

News of the breach comes as SBI appears to have delayed its decision on the Adani loan, after Europe’s largest asset manager, Amundi, threatened to sell its SBI green bonds and a stunt at the India vs. Australia cricket match in Sydney generated widespread media coverage. 

On the 30th of October 2020, the Department of Agriculture, Water and the Environment issued two infringement notices totalling $25,920 to Adani Mining Pty Ltd for not meeting a condition of its federal environmental approval. 

The department found that Adani Mining Pty Ltd:

  1. failed to implement the Species Management Plan by not undertaking pre-clearance surveys within the required timeframe prior to clearing on the site of the Carmichael coal mine, and
  2. did not comply with the requirements to revise the management measures within the Species Management Plan as a result of pre-clearance surveys.

This provides yet another reason for SBI to refuse the loan for the Adani Carmichael project.

SBI’s own sustainability report states: “the Bank has integrated environmental considerations into its decision-making process, to mitigate the credit and reputational risks that can arise out of environmental deterioration. SBI insists on compliance with environmental best practices in its credit approval process.” Adani’s newest environmental breach is clearly not in line with SBI’s commitment.

The economic and environmental case against investing in Adani’s Carmichael coal mine continues to strengthen, with another environmental breach in the face of declining thermal coal value and intensifying climate change disasters. In order to protect its reputation, SBI must rule out funding Adani’s reckless and destructive coal mine.

Take Action: Let SBI and its investors know about Adani’s new environmental breaches now. 

Take action

Tell SBI’s investors and investment partners to speak out and stop the loan after Adani breaks the rules again.

  • Email to State Bank of India investors (Credit Suisse, Deutsche Bank, Credit Agricole, HSBC, JP Morgan, Mirae Asset Daewoo, Caise de Depot Quebec, Aviva Investors, State Street, Citi, CalPERS, Jupiter, Athene and Legal & General) and investment partners (German Development Bank, European Investment Bank, and MUFG)

  • Email to State Bank of India