EbeneMagazine – AU – French giant Amundi is threatening to sell SBI bonds through the Adani coal mine


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New Delhi
Last updated on 28. November 2020 at 7:28 pm IST

French giant Amundi, one of the investors in the State Bank of India (SBI), has announced that it will sell its SBI green bonds if the bank of Australia’s Adanis Carmichael coal mine borrows $ 5. 000 rupees granted.

« We think SBI shouldn’t fund this project. Ultimately, it is their choice, but we were very clear that if they did decide we would divest immediately, « Jean Jacques Barberis, director of institutional corporate clients & ESG, was quoted as saying by a global wire service. document. write («  »); googletag. cmd. push (function () {googletag. defineOutOfPageSlot (‘/ 6516239 / outofpage_1x1_desktop’, ‘div-gpt-ad-1490771277198-0’). addService (googletag. pubads ()); googletag. Pubads (). enableSyncRendering (); googletag. enableServices ();});

Funding the mine would be ‘in complete contradiction’ to the SBI activities funded by their green bond, he added.

« We hired SBI to ask them not to participate (on the loan) and now we are waiting for their response, » he was quoted as saying.

Amundi, which holds the bond in its Amundi Planet Emerging Green One fund, said it learned this week that SBI is considering funding the Carmichael thermal coal mine in Australia.

The Adani Carmichael project has been turned down by climate activists because of its carbon emissions.

Amundi’s move reportedly shows that some financial institutions understand the serious reputational risks associated with supporting a new thermal coal project like Adani’s mega-mine, especially amid a global pandemic and worsening climate change.

Amundi is Europe’s largest asset manager and is among the top 10 worldwide. It manages assets worth 1. 650 billion euros.

Responsible investing has been the starting point in Amundi’s investment policy. When Amundi was founded in 2010, it made social and environmental responsibility one of its four pillars. It was a founding signatory to the Responsible Investment Principles.

(It is possible that only the headline and image of this report have been revised by Business Standard staff. The rest of the content is automatically generated from a syndicated feed. )

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