An Indian bank to wreck a world wonder?!Posted: December 7, 2014
Dear friends across India,
India’s coal king Adani wants to turn the delicate Great Barrier Reef into a major shipping lane.But if we act fast we can sink his dirty coal complex by getting theState Bank of India to turn down his 6000 crore lifeline:
Industrialist Gautam Adani is asking our biggest public sector bank for a loan of 6000 crores to turn one of the world’s ecological treasures into a major coal shipping lane. But if we act fast we can block this dirty deal and keep the Great Barrier Reef safe.
UNESCO says the project puts the Reef in danger and eight leading international banks have backed away. But Adani has a lot of clout and he’s calling on the State Bank of India to extend a massive loan. The Bank’s Chairwoman has staked her reputation on cracking down on “bad loans” — and a huge national outcry can persuade her to scrutinise and stop this crazy coal project.
Public pressure has changed other banks’ minds, so let’s turn up the heat on the SBI. Add your name now to say no to this reckless loan — when a million people sign we’ll prep a dossier outlining its financial and environmental risks, and deliver it to Chairwoman Bhattacharya with a media blitz:
The wild coal rush that Adani’s project symbolizes, is toxic for the planet. Coal is the dirtiest fossil fuel, and to get the coal to India, Adani would need to expand a shipping lane right through the Reef — the largest living organism on Earth and home to thousands of protected species. To make matters worse, after international lenders like Citigroup and Deutsche Bank shunned the project, Adani has turned to our tax-payer owned SBI hoping for a sweet deal.
Some argue that India needs coal to pull people out of poverty, but our own coal minister just announced that India should be able to phase out coal imports in the next three years, long before the Australian mine is ever completed! The State Bank of India is under fire in the press and from the political opposition for making such promises to Adani who has strong connections with PM Modi. India’s banking regulator has slammed “crony capitalism” for killing India’s economic growth. If we come together now we can show SBI’s Board that we don’t want our money backing this loan.
A recent national poll showed 69% of Indians are against this project. As the head of India’s largest state-backed bank the Chairwoman will have to listen to public opinion. A massive petition, a flood of messages, ads, and reports can encourage the Board to turn Adani down. Add your voice now:
Time and again this year our community has shown it can rise to the challenge of making our climate safe for future generations. We’ve been fighting for the Great Barrier Reef for a long time so let’s ensure we unite again to save it from this catastrophic coal complex.
With hope and determination,
Danny, Nick, David, Alex, Oli, Alaphia, Nic, Ravi and the whole Avaaz team
Adani’s Australian project gets $1 billion SBI loan (The Times of India)
Adani group’s Great Barrier Reef project in troubled waters (Forbes)
India could bankroll Adani group’s delayed Australian coal mine (IB Times)
National Stock Exchange of India quizzes Adani on loan for Galilee Basin coal project (Sydney Morning Herald)
SBI’s $1 billion loan to Adani makes no sense, here’s why (firstbiz)
India rejects Galilee Basin Coal (Market Forces)
Crony capitalism hampers economic growth: RBI governor Raghuram Rajan (Economic Times)
Indian billionaire Gautam Adani finds a saviour in the Modi government (Forbes)
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