Online protest against Adani’s Oz coal project

Ahmedabad Mirror , Sunday, December 07, 2014
Correspondent :
Amassive online protest is gathering steam to convince the State Bank of India (SBI) to renege on its billion-dollar loan to Adani to build a coal port near the Great Barrier Reef. Following public pressure, Deutsche Bank, JP Morgan, Goldman, HSBC, Citibank and Morgan Stanley had reportedly refused to fund the project in Australia. Avaaz, a petition website, has taken the onus of garnering support against the project, hoping SBI will change its mind.

"Public pressure has changed other banks' minds," Avaaz said on its website. SBI had recently said that it had only signed a preliminary MoU and will disburse the money only after proper due diligence. "We clarify that this is a memorandum of understanding. This is not a loan sanction that we have given. It will go through proper due diligence both on the credit side as well as on the viability side," SBI chairperson Arundhati Bhattacharya had said last month.

"Industrialist Gautam Adani is asking our biggest public sector bank for a loan of Rs 6,000 crore 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," Avaaz stated on its website. "A large number of private banks have walked away from this destructive and costly project. In line with your commitment to crack down on bad loans, we urge you to reject this proposal and instead invest in clean power," it said, urging people to sign the petition. Avaaz empowers millions of people from all walks of life to press for action on global, regional and national issues, from corruption and poverty to conflict and climate change.

 
SOURCE : http://www.ahmedabadmirror.com/ahmedabad/others/Online-protest-against-Adanis-Oz-coal-project/articleshow/45406976.cms
 


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