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 in the Carmichael project, SBI’s shareholders and investment partners must use this critical window of time to convince the bank to reject any association with Adani’s controversial mega-mine.  

Fill out the form to contact SBI’s shareholders and investment partners now to let them know that they must stop the State Bank of India funding Adani’s mega-mine. 

Some of SBI’s shareholders, including Deutsche Bank, Credit Suisse and HSBC have explicitly ruled out supporting Adani’s coal project. However, if SBI provides $1 billion to Adani, as SBI shareholders they will be breaking that commitment.

SBI relies on its shareholders and investment partners both financially and for legitimacy. If these companies publicly condemn funding Adani coal, SBI’s decision-makers will be faced with the choice; fund the world’s most controversial and dangerous coal mine or maintain its relationships with shareholders and partners. 

Since reports of the loan surfaced, thousands of people snapped into action, rallying at SBI offices and Indian high commissions across Australia and the globe, including New Zealand, Fiji, UK USA and India. If we’re going to convince SBI to block the loan, it also needs to hear from shareholders and partners that are concerned about the environmental and economic risks linked to Adani’s climate-wrecking mine. 

Read more about the news and contact SBI directly here.

Take action

Tell SBI’s shareholders and investment partners to speak out and stop the loan.

  • Email to State Bank of India investors (Credit Suisse, Deutsche Bank, Credit Agricole, JP Morgan, Mirae Asset Daewoo, Caise de Depot Quebec, State Street, CalPERS, TIAA, Nuveen, Athene, Jupiter Asset Management and Legal & General)

  • Email to State Bank of India associated groups (International Finance Corp, German Development Bank, European Investment Bank, HSBC and MUFG)