Chinese Banks Refuse Loan To Adani’s Controversial Mine Project In Australia Due To Environmental Concerns

Chinese Banks Refuse Loan To Adani’s Controversial Mine Project In Australia Due To Environmental Concerns

Two major state-run Chinese banks have refused loan to Indian energy giant Adani’s controversy-hit Carmichael coal mine project in Australia due to environmental concerns. The 16.5 billion dollar Carmichael coal mine project, one of the world’s largest, will start construction after being given the green light by the federal and Queensland state governments.

Adani is seeking a finance of 2 billion Australian dollars by March 2018 for the first stage of its proposed mine project in Queensland. The Industrial and Commercial Bank of China (ICBC), in a statement, clarified that it had no intention of funding Adani’s proposed mine in Queensland, the Australian Broadcasting Corporation reported.

“ICBC has not been, and does not intend to be, engaged in arranging financing for this project,” ICBC said in a statement on its website.”ICBC attaches great importance to its social responsibilities and keenly promotes green financing.”  Read More…

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