Banks could accidentally fund Carmichael coal via Adani bond issue

8 July 2019

Adani protest don't fund coal banner

In early July 2019 Adani issued US$1billion in bonds for one part of its business (Adani Ports and Special Economic Zone), which nine major banks invested in. This company operates several ports in India.

Unfortunately, the evidence shows that the Adani group of companies has regularly funded its expansion through inter-company investments and loans. Money raised in one part of the company is sometimes used to fund the expansion of a completely unrelated part.

This means that banks that have taken part in Adani’s most recent bond issue could easily find their money shifted across to fund the climate-wrecking Carmichael coal mine and rail line. Five of these banks have previously pledged not to fund this destructive project!

Take action

Fill out the form below to contact the nine banks that coordinated this bond issue, demanding they provide concrete reassurances that the money won’t be used to build the disastrous Carmichael mine and rail line in any way.

The banks are:

  • Barclays*
  • Bank of America Merrill Lynch
  • Citigroup,*
  • DBS*
  • Emirates NBD Capital
  • JP Morgan*
  • Mizuho
  • MUFG
  • Standard Chartered*

*has committed to not funding the Adani Carmichael mine/rail/port project.