Amundi has warned the State Bank of India that it would sell their green bonds if the bank grants a Rs 5,000 loan to Adani’s Carmichael coal mine in Australia.

Environmental groups claim that the mine would produce 200 million tonnes of carbon dioxide during its 60-year life. Amundi holds SBI green bonds in its Amundi Planet Emerging Green One fund and the SBI has since said it is considering financing the Carmichael thermal coal mine in Australia.

Jean-Jacques Barbéris. Director of the Institutional and Corporate Clients division & ESG at Amundi has said, “We consider SBI should not finance this project. It’s their decision, ultimately, but we’ve been extremely clear on the fact that, if they decide to do it, we would immediately disinvest. Financing the mine would be in “total contradiction” to the SBI activities financed through its green bond. We have engaged SBI, asking them not to participate (in the loan)… and now we are waiting for their answers.”