Tag: Adani mine

SBI in trouble from French investor, Amundi, over planned RS. 5000 crores loan to Adani

SBI FINAL

By SAT Newsdesk

MELBOURNE, 30 November 2020: The French giant Amundi has informed the State Bank of India (SBI) that it will withdraw its SBI green bonds if it goes ahead with its reported Rupees 5,000 crore loan to Adani Australia for its controversial coal mine in Queensland.

An IANS report published in India’s ‘Business Standard says: “We consider SBI should not finance this project. Ultimately it’s their decision but we’ve been extremely clear on the fact that if they decide to do it, we would immediately disinvest,” Director of the Institutional Corporate Clients Division & ESG, Jean Jacques Barberis, was quoted as saying by a global wire service.

“Financing the mine would be in “total contradiction” to the SBI activities financed through its green bond, he added.

“We have engaged SBI asking them not to participate (in the loan) and now we are waiting for their answer”, he was quoted as saying.

The proposed Adani coal mine in Queensland has been criticized by environment activists as being pushing the area into an environmental disaster.

Climate activists target Siemens in Mackay Adani protest

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Photo: Frontline Action on Coal

By SAT News Desk

Mackay, Queensland, 16 January: Siemens’ Mackay office has been disrupted this morning by protestors staging the hammering of the earth’s coffin by Siemens’ CEO, Joe Kaeser. This comes after Siemens’ confirmation of its decision to work on rail signaling infrastructure for Adani’s Carmichael coal mine.

Despite widespread international criticism and demonstrations, Mr. Kaeser said in a statement earlier this week that “there is a legally binding and enforceable fiduciary responsibility to carry out this train signaling contract”. This decision comes amidst catastrophic bushfires across the country. A spokesperson for Stop Adani, Wendy Tubman said “Kaeser’s statement is business as usual but we don’t need business as usual right now, we need corporate leaders to take bold steps towards a fossil fuel-free future. Supporting new coal projects, especially one as catastrophic as the Adani mine, is the exact opposite of this”.

The Adani project will, if completed, be one of the largest thermal coal mines in the world. Furthermore, the infrastructure developed for Adani’s mine will enable the development of other mines proposed for the Galilee Basin.

Siemens’ decision to work on the project is in stark contrast to the company’s stated decarbonization goals and comes ahead of Siemens’ Annual General Meeting next month, with predicted further demonstrations against the company’s decision as well as dissent amongst shareholders.

‘Stop Adani’ activists protest outside Pacific National and Aurizon’s head offices

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Photo: Stop Adani

By SAT News Desk

Brisbane/Sydney, December 9: Big crowds rallied outside Pacific National and Aurizon’s head offices this morning, delivering huge piles of coal, singing coal-themed Christmas carols and calling on the rail freight companies to rule out hauling coal for Adani’s controversial Carmichael coal mine.

Today big crowds rallied outside Aurizon and Pacific National headquarters in Brisbane and Sydney, delivering giant piles of coal, with singing, chanting and train whistles, demanding that the coal freighting companies say no to hauling Carmichael coal for Adani.

Queensland spokesperson, Dermot Dorgan, #StopAdani The Gap said, that any association with the Carmichael mine is a reputational risk and that hauling coal for Adani would be a climate train wreck.

“With Genesee and Wyoming recently ruling out hauling Adani’s coal, two companies remain Aurizon and Pacific National,” Mr. Dorgan said.

“More than 60 major companies globally have already said no to supporting Adani’s project because of climate impacts and the associated business risks. We’re urging Aurizon and Pacific National to do the same,” Mr. Dorgan said.

Sydney spokesperson, Vicky Tzioumis, #StopAdani North Sydney said, “Companies like Pacific National that choose to associate with Adani’s controversial brand endanger their reputation and social license.

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Photo: Stop Adani

“Adani’s mine, rail, and the port project is a risky financial bet. Adani has shortchanged major engineering companies for tens of millions of dollars and experts say Adani is a “corporate collapse waiting to happen”.

“Australia is already grappling with early bushfires and devastating droughts. Burning coal is the biggest driver of climate change. Aurizon and Pacific National must stand on the right side of history and rule out hauling Adani’s coal,” Ms. Tzioumis said.

Text-Supplied.

Australian school striker in New York visits Adani insurer AIG

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Photo:Elana Sulakshana

By SAT News Desk

September 20, 2019, New York City. On the day of the Global Climate Strike, 15-year-old Harriet O’Shea Carre, one of three students who instigated the Australian school strike movement, visited AIG’s headquarters in New York City and called on the company to stop insuring the Adani Carmichael coal mine.

Harriet, who helped start the school strike movement in her home in Castlemaine, Victoria, is in New York to take part in the first-ever United Nations Youth Climate Summit taking place today, Saturday, September 21.

The news broke earlier this week that AIG is currently providing coverage for the mine, and the contract is up for renewal at the end of this month.

The Adani mine has been the object of years-long controversy in Australia and around the world, given the major environmental, climate, and social risks of the massive coal project. One of the key demands of the School Strike 4 Climate movement in Australia is “no new coal, oil and gas projects, including the Adani mine.”

When Harriet learned that AIG was insuring the Adani mine, she sent a letter requesting a meeting with AIG CEO Brian Duperreault to discuss the project.

She wrote, “I understand that as a child, my opinion may not matter to you a whole awful lot, so I want you to know that even though I am only small, I represent thousands of other people, and I hope that you can think of my, and all the other youths, future before insuring the Adani mine.”

AIG rejected a meeting request, so Harriet, fellow school strikers, and members of the Insure Our Future campaign decided to pay AIG a visit and make the message from Australia heard loud and clear. Upon entering the office lobby the group was surrounded by security and told to leave.

“Alongside hundreds of thousands of young people across Australia, I have been raising my voice and taking to the streets to stop the construction of Adani’s massive coal mine,” said Harriet O’Shea Carre. “As children, we are going to be living in this hot world far longer than the adults who are making these decisions for us, like the executives at AIG, and we know that our future cannot be one that is powered by coal and other fossil fuels.”

AIG has become the latest target of the Stop Adani campaign. A petition calling on AIG to rule out Adani has gathered 135,790 signatures, and hundreds of people visited AIG offices across Australia last month. The pressure is also mounting on the All Blacks rugby team to drop AIG as a sponsor if the insurer renews the contract for the mine.

“Without insurance coverage, Adani cannot build this climate-wrecking mine, and fourteen major insurance companies have already ruled out the project. As millions of people around the world march in the streets demanding climate action today, AIG has a chance to be on the right side of history and drop the contract” said Elana Sulakshana, Energy Finance Campaigner at Rainforest Action Network, a member of the Insure Our Future campaign.

Carmichael mine will be self-financed, says Adani Mining CEO Lucas Dow

By Neeraj Nanda

MELBOURNE, 30 November: The controversial Carmichael coal mine and rail project in Queensland will be 100% financed through the Adani Group’s resources, Adani Mining CEO Lucas Dow announced yesterday in Central Queensland.

The project has faced fierce opposition from environmental groups who claim carbon emissions from the mine will badly hurt the nearby iconic Great Barrier Reef, already facing destruction from global warming.

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Adani Australia CEO Lucas Dow. Photo: Adani Mining Twitter

In an Adani Mining media release, Dow says, “We have already invested $3.3 billion in Adani’s Australian businesses, which is a clear demonstration of our capacity to deliver a financing solution for the revised scope of the mine and rail project.

“The project stacks up both environmentally and financially.
“Today’s announcement removes any doubt as to the project stacking up financially,” he says.

The media release claims, “The Carmichael Project will deliver more than 1,500 direct jobs on the mine and rail projects during the initial ramp-up and construction phase, and will support thousands more indirect jobs, all of which will benefit regional Queensland communities.”

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Photo: Greenpeace Australia

Meanwhile, in a media release, the Wangan & Jagalingou Traditional Owners Council says, “‘They don’t have our consent, they can’t build their mine.

“We demand a guarantee from the Queensland Government they won’t now extinguish our native title for Adani. Queensland Labor has said they recognize that the registration of the Adani ILUA is contested and they acknowledge and respect our right to have our complaints considered and determined by a court.

“We have an appeal before the full bench of the Federal Court. To act before this concludes would be to deny our rights and open the way for a grave injustice. Without our consent, the mine is not ready to proceed”.

There has sprung a strong lobby group against the mine. Their concerns are the damaging impact of the mine on the Great Barrier Reef, on groundwater at the site, greenhouse emissions, and extinction of already endangered species. Mackay Conservation Group has already won its legal challenge on the last issue.