In the latest blow to Indian conglomerate Adani Enterprises’ coal mine project in Australia, China’s two biggest banks have said they do not plan to finance the venture.
Industrial and Commercial Bank of China (ICBC) and China Construction Bank said in separate statements they were not working on the project after media recently reported that Chinese banks may get involved, reports Reuters.
Adani is seeking US$ 1.5 billion in financing by March 2018 for the US$ 3 billion first stage of its proposed Carmichael coal mine in the state of Queensland.
Australian and overseas banks have balked at granting loans for the project which environmentalists oppose due to climate change and the potential for damage to the Great Barrier Reef.
Carmichael had been delayed by court challenges from environmentalists and indigenous groups concerned about climate change and the impact on native land and water supply, but those challenges have been rejected.
The project has evoked protests across Australia for the last few years and they have gathered greater momentum in the last one year.
Most of the ire has been directed at Gautam Adani, chairman of the Adani group. A coalition of over thirty organizations have steered the protests under the banner ‘Stop Adani Alliance‘.