Help stop the world’s worst loan
India’s coal king is bidding for a $1 billion bank loan to turn one of the world’s ecological treasures into a major shipping lane. The State Bank of India or SBI, in a baffling move signed a Memorandum of Understanding with India’s power giant Adani, potentially opening up a line of credit of up to 1 Billion USD. The loan would be used to develop the Galilee Basin, Australia’s largest coal endowed site. The project, when developed, could export 60million tonnes of coal a year and ship it through the ecologically fragile Great Barrier Reef. Worse, the exported coal is expected to create new carbon emissions — an estimated 3.7 billion tons worth of greenhouse gas — that will hasten climate change and destroy the reef in the long-term.
The move is being criticised and scrutinised by many people across civil society and even the financial sector. Unfortunately, both the Abbott Government in Australia and the Modi Government in India are keen to turn a blind eye to this.
What can be done?
In Australia, the Great Barrier Reef is already under siege from environmental pressures. The natural wonder is the largest structure created by living organisms on earth, with coral formations spanning an area the combined size of Britain and Ireland. More than 1,500 species of fish, a third of the world’s soft coral, and thousands of other species live there. In the past 30 years, the reef has already lost half of its coral.
Public pressure has already changed other banks’ minds, so add your name now to say no to the world’s worst loan.
The Wishing Well was established in 2010 to offer children in out-of-home care, such as foster care and residential care, a range of healing and treatment options usually not accessible as a free therapy in mainstream health.
The Wishing Well raises funds to enable children and young people to access developmentally-appropriate and trauma-informed treatments shown to be highly effective in dealing with severe trauma and neglect. These therapies respond to the unique needs of each child and young person.
The Wishing Well is a not-for-profit incorporated charity organisation, established and managed by people seeking to improve outcomes for children and young people in out-of-home care and their families. The Wishing Well recognises the importance of the act of giving. We recognise the significance of the participation of community members and all donations are most appreciated.
The Wishing Well operates ethically, effectively and empathically with a view to achieving quality outcomes and a satisfying working environment, and as such we support organisations that encompass similar ideals.
The Wishing Well gratefully receives donations, funding and resources through bequests, corporate partnerships, fundraising events, grants, online donations and other fund raising activities. Money donated to The Wishing Well enables traumatised children access to healing therapies. Please see our website for more information:
How you can help
When Avaaz hit a million signatures, they will prep a definitive dossier showing the financial and environmental problems of this project, and then deliver it to Chairwoman Bhattacharya with legal letters and a media blitz.
Sign now and help stop the world’s worst bank loan: