Samsung Securities pledges no further financial backing for Adani coal after protest

A company in the Samsung group will not provide any further financial backing for Adani’s coal port in Queensland or any of the company’s coal projects just days after protests targeted the group’s electronics brand. In an email to campaigners, seen by Guardian Australia, Samsung Securities said it would not provide any further financing for the Adani Abbot Point Terminal or “any of Adani’s coal projects.” Campaign group Market Forces had written to Samsung Securities in early June asking the company to end its relationship with the Adani coal port, expressing concerns the mine’s development would open up the Galilee Basin to further coal developments that would fuel global heating. Samsung investment in Adani’s Australian coal operation prompts call for boycott Read more As Guardian Australia reported Thursday , the Samsung Securities brokerage company had purchased a share of $120m of debt in the Adani-owned Abbot Point coal terminal in 2019 with another Korean firm. Coal from Adani’s Carmichael mine will travel by a purpose-built rail line to the terminal for export to power stations. On Wednesday, 15 young people who are part of the School Strike 4 Climate Australia campaign group held a protest outside a Samsung store […]

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