ADANI COAL INVESTORS EXPOSED

Banks and investors are supporting Adani coal

The Adani Group’s Australian coal operations, including the controversial Carmichael thermal coal project, are owned by a complex structure of companies. This complexity, combined with varied entity titles and major rebrandings in 2020 which removed the word “Adani” from entity names means that financiers are increasingly at risk of supporting the Carmichael coal project via indirect and inadvertent means.

Take action: contact the financiers now. Let them know their support for Adani supports Carmichael coal.

The diagram below offers a summary of the corporate structure of Adani’s Australian coal operations – and some of its major financiers. The refusal of banks to fund the Carmichael project meant that Adani was forced to “self-fund” the mine and rail line. However, the parent companies Adani Ports and Special Economic Zone (Adani Ports) and Adani Enterprises, as well as Adani’s coal port NQXT (North Queensland Export Terminal, owned by the Adani family via Cayman Islands-based Atulya Resources and formerly known as Adani Abbot Point Terminal) continue to attract investment from some of the world’s biggest financiers and banks.

Many of the investors and bankers identified have ruled out supporting the Carmichael project or made commitments/statements on climate change (see table below). Their exposure to Adani Ports, Adani Enterprises and/or NQXT, while the Adani Group continues to operate the Carmichael carbon-bomb, means that these financiers are supporting the Carmichael coal project and thereby probably breaching their commitments.

These financiers have been made aware of their exposure to the Carmichael mine, yet so far have refused to cut ties with the Adani Group subsidiaries that are supporting the expansion of Adani’s toxic coal project. It’s time these bankers and investors use their power to help stop the destructive and globally controversial project, by telling Adani Group’s executives to shut down the climate-wrecking mine. If Adani does not stop Carmichael, then these financiers must turn their backs on the Adani Group.

Contact the financiers now.

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Let the exposed investors and financiers know that their support for Adani supports Carmichael coal

Name*
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I am writing as I am very concerned about your company’s willingness to invest in, or arrange finance for, the Adani Group subsidiaries linked to the globally controversial Adani Carmichael thermal coal project. Adani Group subsidiaries Adani Ports and Special Economic Zone (Adani Ports) and Adani Enterprises, as well as Adani’s coal port NQXT (North Queensland Export Terminal) own the companies operating the mine, rail or port infrastructure that are extracting and exporting Carmichael coal. Adani’s commitment to funding this climate-destroying project with Adani Group funds,[1] combined with the Group’s record of shifting funds between subsidiaries in its extremely complex corporate structure,[2] means any investment in, or arrangement of finance for, any Adani Group subsidiary risks indirectly supporting Carmichael. A risk you are taking. Adani’s Carmichael coal project does not have the consent of the Traditional Owners, will drain billions of litres of precious water resources, increase coal ships in the Great Barrier Reef World Heritage Area and turbocharge global warming. The entire project is the subject of one of the biggest community resistance campaigns in Australia’s history. Any company associated with this project faces major risks to its reputation. Other investors and companies are already taking action: 1. US fixed income giant PIMCO, previously a major bondholder in Adani Ports, has banned future investment in the company [3] 2. It has been revealed that one of Adani’s construction contractors was refused insurance for its work on Adani’s Carmichael project,[4] shifting significant risk onto Adani 3. Over 100 of the world’s biggest banks, insurers and engineering companies have ruled out any support for Adani’s coal port, rail and mine project. [5] I urge you to make Adani aware that it should walk away from the Carmichael coal project, and if it refuses, I insist you publicly rule out any further investment or arrangement of finance for any Adani Group subsidiary. Sincerely,
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For a more complete list of investors in the Adani Group subsidiaries directly linked to the Carmichael coal project click on the tab below the main table. Bondholder and shareholder data from publicly available sources accessed January 2022.

Simplified structure of Adani subsidiaries directly linked to coal in Australia

Key Adani company investors and bond arrangers

Financier	Connection to Adani	Company statements undermined by exposure to Adani
Barclays	Bond arranger for Adani Ports since 2017, co-arranging at least six deals worth over US$3.5 billion. Bond arranger and lender to Adani Enterprises.	"Barclays has no plans to participate in financing the Abbot Point development or its associated mine/rail infrastructure"
BlackRock	Bondholder and shareholder in Adani Ports. Bondholder in NQXT (Abbot Point coal port). Shareholder in Adani Enterprises.	CEO Condemned Siemens for its willingness to work on Adani’s Carmichael mine saying “it is clear that it [Siemens] requires a more thorough review of the potential risks, including ESG risks, presented by future projects.” BlackRock was also reported to have raised concerns about the State Bank of India’s potential loan to Adani. January 2020: “we are in the process of removing from our discretionary active investment portfolios the public securities (both debt and equity) of companies that generate more than 25% of their revenues from thermal coal production”
Citi Group	Bond arranger for Adani Ports	"Citi is not involved and does not plan to be involved in any financing for the Abbot Point expansion" July 2020: “Citi will not provide project-related financial services for… New thermal coal mines or significant expansion of existing mines”
Deutsche Bank	Previously a bond arranger for Adani Ports, but backed out of the January 2021 bond issue reportedly due to environmental concerns. Has not been involved in subsequent Adani Ports bond issues. However, it is still a bondholder and shareholder in Adani Ports. Lender and bond arranger for Adani Enterprises, also a shareholder.	“We are currently not involved with this project [Abbot Point port] and will also not be involved with it in the future” July 2020: “We will not provide any financing for greenfield thermal coal mining; We will not finance new greenfield coal-related infrastructure, regardless if related to new or existing mines” August 2020: “we pledged ourselves to end our global business activities in coal mining by 2025” “Port-related environmental concerns which are in conflict with sustainability goals of the bank” was reported (paywalled) as Deutsche Bank’s reason for withdrawing from Adani Ports’ bond issue in January 2021.
HSBC	Shareholder in Adani Ports and Adani Enterprises. Bond arranger for the State Bank of India which has failed to rule out a AU$1 billion loan to the Carmichael mine.	"[HSBC] is extraordinarily unlikely to go anywhere near [Abbot Point]" "HSBC will no longer support new thermal coal mines" “Global Businesses must not provide financial services for: New thermal coal mines or new customers dependent on thermal coal mining.”
Invesco	Bondholder in NQXT. Bondholder and shareholder in Adani Ports. Shareholder in Adani Enterprises.	According to Invesco’s climate change report, climate should be “top of the agenda for us as a society”.
JP Morgan	Bond co-arranger for at least five Adani Ports deals worth over US$2.5 billion. Bondholder in Adani Ports. Lender and bond arranger for Adani Enterprises.	"We will not finance... a new greenfield coal mine or a new coal-fired power plant in a high income OECD country" "We do not finance natural resource projects within UNESCO World Heritage Sites unless... such operations will not adversely affect the Outstanding Universal Value of the site”
Mizuho Bank	Shareholder in and bond arranger for Adani Ports. Bond arranger for Adani Enterprises	“We do not provide financing or investment which will be used for new thermal coal mining projects.” "Mizuho supports the Paris Agreement’s objective to ‘strengthen the global response to the threat of climate change’."
MUFG	Bond arranger for at least six Adani Ports deals worth over US$3.5 billion. Shareholder in Adani Ports. Bond arranger for Adani Enterprises.	“MUFG recognizes climate change as a critical issue for the global environment and believes that climate change issues must be addressed to achieve a sustainable society and support the continued operation of each group company and our clients."
Standard Chartered	Bond arranger for Adani Ports since 2017, co-arranging at least six deals worth over US$3.5 billion. Lender and bond arranger for Adani Enterprises.	"Both parties [Standard Chartered and Adani] have agreed to end the bank's role in the Carmichael project" "We will not provide project finance or project finance advisory services to new standalone, non captive thermal coal mining projects"
The State Bank of India	Shareholder in Adani Ports and Adani Enterprises. Currently considering lending AU $1billion to Adani's coal project despite Adani saying it doesn't need it	SBI recently formed part of a 100 million Euro climate initiative fund. “Human actions, including deforestation, encroachment on wildlife habitats, intensified agriculture, and acceleration of climate change, have pushed nature beyond its limit. It's time for a change!”
State Street Global	Bondholder in NQXT and Adani Ports. Shareholder in Adani Enterprises and Adani Ports.	State Street has set exclusions against investing in Adani Ports via ESG labelled indices.
Sumitomo Mitsui Financial Group	Shareholder in and bond arranger for Adani Ports. Shareholder in and bond arranger for Adani Enterprises.	“In October 2020, the Japanese Government announced a net-zero emissions goal for 2050, committing to achieving a transition toward a decarbonized society... we endorse the Government's policy, and strive to achieve greenhouse gas ("GHG") emissions reductions in line with the goals of the Paris Agreement.”
TIAA	Bondholder and shareholder in Adani Ports. Shareholder in Adani Enterprises.	“climate change has arisen as a leading health and economic challenge of our time.”

Major global financiers and investors of Adani Group subsidiaries directly involved in the Carmichael coal project

wdt_ID	Investor/Financier	North Queensland Export Terminal	Adani Ports & Special Economic Zones	Adani Enterprises
1	AIG Asset Management		Bondholder
2	Alliance Bernstein		Bondholder
3	Ameriprise Financial Group		Bondholder
4	Anthem Inc	Bondholder
5	Apollo Global Management		Bondholder	Lender
6	Aviva			Shareholder
7	Axis Bank			Bond arranger
8	Barclays		Bond arranger	Lender, Bond arranger
9	BlackRock Inc	Bondholder	Bondholder, Shareholder	Shareholder
10	Carlyle Investment Management		Bondholder
11	Charles Schwab Corp		Shareholder	Shareholder
12	Citi Group		Bond arranger
13	Cohen & Steers Inc		Shareholder
14	Concise Investments	Bondholder
15	CREDIINVEST SICAV	Bondholder
16	Credit Agricole Group		Shareholder	Shareholder
17	Credit Suisse Group		Bond arranger	Shareholder
18	DBS Bank			Bond arranger
19	Deutsche Bank		Bondholder, Shareholder	Lender, Shareholder, Bond arranger
20	Dimensional Fund Advisors		Shareholder	Shareholder
21	Emirates NBD Capital			Bond arranger
22	Fidelity		Shareholder	Shareholder
23	FlexShares Trust		Shareholder
24	Fuchs & Associes Finance	Bondholder
25	GAM Holding AG	Bondholder	Bondholder
26	Geode Capital Management			Shareholder
27	Goldman Sachs		Bondholder
28	Government Pension Investment Fund		Shareholder
29	Hartford Financial Services Group			Shareholder
30	HSBC		Shareholder	Shareholder
31	IMI-Intesa Sanpaolo			Bond arranger
32	Invesco	Bondholder	Bondholder, Shareholder	Shareholder
33	JP Morgan		Bondholder, Bond arranger	Lender, Bond arranger
34	Legal & General Group PLC		Shareholder
35	Loomis Sayles & Co		Bondholder
36	Lord Abbett & Co		Bondholder
37	Lyxor Asset Management		Shareholder	Shareholder
38	Manulife Financial Corp		Bondholder
39	Massachusets Financial Services		Bondholder
40	Mercer Global Investments Management		Shareholder
41	Metlife Investment Management		Bondholder
42	Mirae Asset Global Investments Co		Shareholder
43	Mizuho Bank		Shareholder, Bond arranger	Bond arranger
44	MUFG		Shareholder, Bond arranger	Shareholder, Bond arranger
45	Nomura Holdings Inc			Shareholder
46	Norges		Shareholder
47	Northern Trust Corp		Shareholder	Shareholder
48	Pan-American Life Insurance Group	Bondholder
49	Pictet Group	Bondholder		Shareholder
50	Principal Financial Group	Bondholder
51	Royal Bank of Canada		Bondholder
52	Sagicor Life Insurance Co	Bondholder
53	SBI		Shareholder	Shareholder
54	Service Life & Casualty Insurance	Bondholder
55	Societe Generale			Bond arranger
56	Southern Farm Bureau Life Insuranc	Bondholder
57	Standard Chartered		Bond arranger	Lender, Bond arranger
58	Standard Insurance Co	Bondholder
59	State Street Corp	Bondholder	Bondholder, Shareholder	Shareholder
60	Sumitomo Mitsui Financial Group		Shareholder, Bond arranger	Shareholder, Bond arranger
61	T. Rowe Price		Bondholder
62	Thompson Investment Management Inc	Bondholder
63	TIAA/Nuveen		Bondholder, Shareholder	Shareholder
64	UBS AG		Bondholder, Shareholder	Shareholder
65	Universal Investment	Bondholder
66	Vanguard		Shareholder	Shareholder
67	VP Bank AG	Bondholder
68	WisdomTree Investments		Shareholder
69	Zuercher Kantonalbank			Shareholder

Source: Bloomberg Finance L.P. Data collected January and February 2022.

Take action! Let the exposed investors and financiers know that their support for Adani supports Carmichael coal.

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