Why Protestor invaded Australia vs India match ? "No $1Bn Loan to Adani" !

 

During the 1st ODI match between Australia and India two protesters holding placards which read ‘State Bank of India: No $1 BN Adani Loan’ made their way into the field on Friday while the match was underway. Billionaire Goutam Adani lead Adani Groups Carmicheal mine has received strong criticisms not only from local Aussie environment activists but from a large scale of global influentials as well.  

• What's the story?

The growing public sentiment against Adani Group billionaire chairman Gautam Adani in Australia came to the fore at Sydney Cricket Ground, where the first ODI between India and Australia was being played, on Friday when two protestors holding placards which read “State Bank of India: No $1 BN Adani Loan’ made their way into the field.

“Millions of Indian taxpayers who are watching the first game of the Indian cricket tour have a right to know that the State Bank of India is considering handing their taxes to a billionaire’s climate-wrecking coal mine,” a statement from the Twitter handle of ‘Stop Adani’ campaign read.

As claimed by the Stop Adani campaigns website , successful completion of the coal mine will not only make it Australia's biggest coal mine at the times when the whole world is considering to switch to non fossil fuels but will also impact the environment.

• Destroy the ancestral lands, waters and cultures of Indigenous people without their consent.
• Allow 500 more coal ships to travel through the Great Barrier Reef World Heritage Area every year for 60 years.
• Get access to 270 billion litres of Queensland's precious groundwater for 60 years, for free.
• Risk damaging aquifers of the Great Artesian Basin. 
• Add 4.6 billion tonnes of carbon pollution to our atmosphere.

 

Several banks and insurers have already cut ties with this project due to the strong protest. Recently Amundi, a French asset management company has warned State Bank of India not to loan Adani for this project or they will immediately disinvest from the bank's bonds. 

• What's next?

Although SBI is yet to comment on this and it is totally on their own decision whether to fund this project or not the long-term efficiency of this project comes under scrutiny again as it was already struggling to prove its financial visibility. With this uncertainty, Dalal street might consider this as a major turn-off and act along wise in the upcoming days.