By SAT News Desk
MELBOURNE, 12 March 2021: Shareholders of HSBC will decide at its AGM on 28 May 2021, a plan to exit coal financing related to the Adani Group, as it begins digging the Carmichael mega coal mine in Australia.
StopAdani campaigners are calling on HSBC to commit to no further financing for The Adani Group, and for the bank to speak out against the proposed AUD$1 billion State Bank of India loan for the destructive Carmichael coal mine in Australia.
HSBC is a major bondholder in Adani Ports which owns the company that will operate the coal haulage from Adani’s Carmichael mine to its port on the Great Barrier Reef. HSBC is also a key financial partner for the State Bank of India, which is considering an AUD$1 billion loan to Adani for the Carmichael coal mine in Queensland.
Julien Vincent, Campaigner at Market Forces says: “HSBC’s shift out of coal must include divestment from The Adani Group. Adani’s planned Carmichael project will open a massive new thermal coal basin in the midst of a climate crisis.”
Protests were held recently by the Stop Adani movement at HSBC branches, sent thousands of emails to HSBC executives and environmental finance experts have criticised HSBC’s connections to Adani.
Details on HSBC’s new commitment to end coal financing is here on the ShareAction website.
A copy of the statement from HSBC investors is available here.
The three core investor demands of HSBC, according to Stop Adani media release, are:
• A prohibition of general corporate financing and underwriting to companies that are highly dependent on coal mining and/or coal power, as well as companies planning new coal mines, coal plants, and coal infrastructure;
• A commitment to help clients develop, publish and implement coal phase-out plans in line with the 2030/2040 timelines by a specific date and no later than December 2023;
• A commitment to focus on the entire coal supply chain, including coal equipment manufacturers and any other coal supply chain function that contributes to the expansion of coal-related activities.