New Delhi: The 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 the Australian coal mine Adanis Carmichael falls a crore – Loans of 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 chose to do so, we would divest immediately, ”said Jean Jacques Barberis, director of & ESG institutional corporate clients, quoted by a global wire service.
« 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, who holds the bond in his Amundi Planet Emerging Green One fund, said he learned this week that SBI is considering financing the Carmichael thermal coal mine in Australia. The Adani Carmichael project has been turned down by climate activists because of its carbon emissions.
Reports suggest that Amundi’s move 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 exacerbation of 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.
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World News – AU – French giant Amundi threatens SBI – Sell bonds
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