SBI investors speak out against Adani loan
Published by MAC on 2020-12-06Source: Market Forces, ABC
Adani changed the name of its Australian arm to Bravus Mining and Resources.
The State Bank of India 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.
Take action! To make sure SBI and its investors know about it: https://www.marketforces.org.au/sbi-investors-adani-enviro-breach
See also:
2020-10-03 Adani legal action targets journalists over Carmichael mine leaks
2019-07-25 Australia: Adani's Carmichael en route to collapse, says expert
2019-05-03 Adani accused of scare-mongering over Carmichael mine project
2017-10-31 Adani's unholy Carmichael project condemned by Australian bishops
Adani breaches environmental conditions again as SBI investors speak out against loan to the reckless project
https://www.marketforces.org.au/sbi-investors-adani-enviro-breach/
4 December 2020
Adani Mining has been fined by the Australian Government for breaching environmental conditions in October, while building its coal mine in an 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:
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
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.
Mining company Bravus, formerly Adani, fined for 'misinterpreting' environmental approval conditions
Lily Nothling
https://www.abc.net.au/news/2020-12-02/adani-fined-by-federal-department-environmental-carmichael-coal/12942440
2020-12-02
Mining company Adani, now known as Bravus, has paid a $26,000 fine for "misinterpreting" environmental approval conditions at its Carmichael coal mine in central Queensland.
The Federal Environment Department issued the company two infringement notices in October for failing to implement its species management plan.
The Department said the mining giant cleared land without surveying the area within an appropriate timeframe.
It said the company also failed to revise its species management measures as a result of ecological surveys.
"The Department takes non-compliance with approval conditions seriously," it said in a statement.
"This penalty serves as a reminder that approval holders must comply with their approval conditions."
Days after the infringement notices were issued, Adani changed the name of its Australian arm to Bravus Mining and Resources.
In a statement, a Bravus spokesperson said it had paid the $25,920 fine.
"Two minor compliance issues were raised by the Department in relation to a preclearance survey which had expired by 24 days, and an updated species management plan not being submitted within the three-month window required, following a preclearance survey," the spokesperson said.
"The compliance issues were a consequence of misinterpreting project condition reporting requirements.
"Bravus management has since provided additional internal training to ensure our understanding of the conditions aligns with the expectations of the Department."