Protests Over $1bn SBI Loan For Adani’s Coal At IND vs AUS 2020 First ODI

It was the first overseas tour for the Men in Blue after the COVID lockdown. The first ODI is underway between India and Australia at the Sydney Cricket Ground. Two protestors on Friday ran into the field where the match was being played. The protestors carried placard against Adani Group reading: “State Bank of India- No $1bn Adani loan”. On the protestors ‘ T-shirt displayed “Stop Adani” on front and while the back read as “stop coal”.

But why did the protestors come on the ground?

There was news that SBI was on the verge of finalising a loan for Adani’s coal mine, which has led to protests across the globe. The protesters called for use of public money for good things and not on a billionaire’s controversial and climate-polluting coal project. With the funds, Adani needs to dig the coal mine and build a rail line to open up the Galilee Basin and fuelling. If it happens, there will be a huge impact on climate resulting in  forest fires, droughts and heatwaves.

This decision was made in 2015 during Prime Minister Narendra Modi's visit to Australia when Modi and Gautam Adani attended the G20 conference. Indian opposition parties are dubbing it ’crony capitalism’ saying the government is handing over the Indian taxpayers money to the billionaire for a coal project in Australia.

After failing to secure finance from private companies, Adani has decided to finance the coal project on his own. About 89 companies have decided not to support the project.