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Three banking giants and a giant coal mine in Australia

US banks JP Morgan NS Standard CharteredTogether with German German Bank, granted $1 billion in loans to Adani Ventures, owned by the Indian company of the same name. This is in order to advance the exploitation carmichael coal mine, in Australia.

As pointed out by BankTrackAt the end of last August, the deal took place on July 21. « Money went – explains the organization – from Adani projects To Adani Airport Holding. This frees up capital that could end up in the mine. With banks that do not directly finance, in fact, Adani Group pays for the coal exploitation project Inner chests».

“Money, go away
You get a good job with good pay and you are fine
Money, it’s gas
Get that cash with both hands and store it »

In fact, on May 5, the multinational India confirmed an allocation equal to $2.7 billion for the Carmichael Project. «Banks can – continues BankTrack – say they don’t fund directly Mine. But they lend money to the group, which in turn finances Carmichael. This is especially true for Adani Enterprises, the parent company of Bravus (ex Adani Mining) who actually builds the site.”

The conclusion is therefore not subject to appeal: “The deal shows that the three banks involved They didn’t keep their promise Not financing the mine and related railway and port projects.” For their part, the banks responded as follows. Deutsche Bank said it “was not involved in the project.” “We will not finance new coal mines or power plants in high-income OECD countries,” Deutsche Bank said. ‘, as identified by JPMorgan. Standard Chartered gave a very similar answer.

«Money, well, get back
I’m fine Jack, get your hands off my group
Money, it’s a blow
Don’t give me what I’m doing good nonsense »

In any case, the choice seems surprising, given the climatic impact that the Carmichael site can have. If completed, it will actually be Australia’s largest coal mine. This will disperse billions of tons of carbon dioxide into the atmosphere, not forgetting to destroy it Ecosystems Places and increase in activities Shipping In an area with Grande barrier reef. With all its implications for biodiversity.

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Musical quote: “Money”, Pink Floyd, 1981

Earl Warner

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