Leading green bond firm threatens State Bank of India over support for Australian coal mine

first_img FacebookTwitterLinkedInEmailPrint分享Reuters:Amundi said it has warned the State Bank of India it will evict one of the lender’s green bonds from a flagship fund if it helps finance a coal mine in Australia that has met fierce opposition from environmental groups. Amundi, which holds the bond in its Amundi Planet Emerging Green One fund, said it had learnt this week that the Indian bank was considering financing the Carmichael thermal coal mine in Australia.Carmichael has drawn strong opposition from climate campaigners because of the potential carbon emissions that would be produced by the mine, at a time when many countries are exiting coal to help fight global warming.Under pressure from investors, a string of banks and insurers have already cut ties to the project, with the most recent being Lloyd’s insurer Apollo.Amundi’s Jean Jacques Barberis, Director of the Institutional and Corporate Clients division & ESG, said the asset manager had contacted the bank to voice its concern and followed up with a letter to the management on Thursday.The Amundi fund – the largest aimed at green bonds in the emerging markets – looks to invest in bonds that help fund environmentally friendly projects, but also looks at the issuer to make sure its other activities are “coherent”.“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,” said Barberis. Financing the mine would be in “total contradiction” to the SBI activities financed through its green bond, he added. “We have engaged SBI, asking them not to participate (in the loan)… and now we are waiting for their answers.”[Simon Jessop]More: Amundi gives bond warning to State Bank of India over coal mine Leading green bond firm threatens State Bank of India over support for Australian coal minelast_img read more

ShangriLa well placed to take on Chinas secondary cities

first_imgWith almost half of the Shangri-La’s future developments set in China’s so called ‘secondary cities’, the Hong Kong based hotel company is preparing for a new market and a new traveller.From the cool of Shangri-La Sydney’s Horizon Club Lounge, the blistering heat of a Sydney summer looks relatively appealing, but talking to Shangri-La Hotels and Resorts corporate communications director Maria Kuhn, it is new Asian destinations which beckon.Set to open in the second quarter of this year, the Shangri-La Hotel, Manzhouli, on the China/Russian border is likely to cater to travellers from what is the largest inland port of entry in China.Featuring a range of restaurants including (what is likely to be very popular with Shangri-La’s potential target market) a Russian cuisine restaurant and 200 rooms, the new hotel is set to not only take advantage of the region’s potential but also encourage it.So too for China’s Chongqing, Haikou, Yangzhou, Diqing and Shenyang, destinations not common in the West.“You have to remember ‘secondary’ cities in China are home to millions,” Ms Kuhn told e-Travel Blackboard.“We have already got a strong base in China’s primary cities such as Beijing and Shanghai and we can actually build on that base and explore further into new regions.”According to Ms Kuhn, the focus beyond China’s primary cities will also bring a new generation of hospitality to the country thanks to training programmes such as the Shangri-La Academy.The hotel group has projects in Austria, Canada, mainland China, India, Macau, Malaysia, Philippines, Mongolia, Russia, Qatar, Sri Lanka, Turkey and the United Kingdom in the development pipeline. Source = e-Travel Blackboard: G.Alast_img read more