THE ADANI LIST
The companies that are refusing to rule out supporting the Carmichael coal project and those that have.
Adani’s Carmichael coal mine and rail line have been constructed without the Free, Prior and Informed Consent of the Wangan and Jagalingou Traditional Owners. Their continued operation will drain critical water resources, risk our already distressed Great Barrier Reef and fuel runaway global warming that threatens all our lives and livelihoods.
Most Australians do not support this disastrous coal mine, with thousands taking action time and time again to show that every company associated with Adani faces serious reputational risk. That’s why well over 100 major companies have already ruled out working with Adani, and these are listed down the bottom of this page. However, many companies are refusing to rule out work on the Carmichael project and/or they are playing or have played a role in lighting the fuse on this carbon bomb. You can see them listed below too.
The Adani Group is also working to expand fossil fuel infrastructure beyond the Carmichael project. You can see our compilation of its activities and plans here.
The Adani List
The companies listed in this table have either worked on or financed the Adani Carmichael project (mine, rail and/or port) in some way, or have refused to rule it out despite being asked.
Status of all companies involved with the Adani Carmichael thermal coal project (including mine, rail and port).
| Company | Sector | What they've said/done |
|---|---|---|
| AIG | Insurance | Has not ruled out providing insurance to the Adani Carmichael coal mine and associated infrastructure, although in March 2022 it released a policy ending its underwriting of new thermal coal mines. We have asked AIG to clarify if this rules out Carmichael but have not gotten a response. AIG was insuring Adani's on-ground works at the Carmichael mine site until 30 Sep 2019. In August 2022 AIG was mentioned in a tip-off regarding who is involved in insuring the Carmichael rail network. It has once again refused to clarify its role. |
| Altus Traffic | Construction & Engineering | Traffic control company believed to be providing or have provided services to the Carmichael project. |
| Aon | Insurance | "Aon does not provide insurance broking or other services to the Adani Carmichael project." This statement doesn't rule out future involvement. Additionally, Aon is known to have provided services to BMD, the biggest contractor working on the Adani Carmichael project. |
| Ardent Group | Construction & Engineering | Brisbane based business provided/providing environmental management services for the Carmichael project. |
| Ark Underwriting | Insurance | Has not ruled out providing insurance to the Adani Carmichael coal mine and associated infrastructure. |
| Austbrokers (AUB Group) | Insurance | Austbrokers is assisting Adani in obtaining insurance for the Carmichael coal project, including the NQXT port. |
| Austrak (owned by German company Vossloh) | Construction & Engineering | Austrak had a major contract for the Adani Carmichael rail project, to deliver the 730000 concrete sleepers from its Rockhampton center for the 400km rail line that would take the coal from the Carmichael mine to Abbot Point coal port. This railway line proposal was abandoned, with Adani building a 200km narrow gauge line linking to the existing Aurizon network. |
| Berkshire Hathaway | Insurance | Has not ruled out providing insurance to the Adani Carmichael coal mine and associated infrastructure. |
| BG&E | Construction & Engineering | Engineering company worked on the design and construction of the 122km section of the 185km rail corridor & associated infrastructure to connect the Carmichael coal mine with the established network near Moranbah. |
| BlackRock | Finance | Investor in Adani's Australian coal port - NQXT |
| BMD | Construction & Engineering | Major construction company contracted to build a section of the Carmichael rail line. |
| Calibre | Construction & Engineering | Brisbane based engineering, construction and professional services company. It led on the Carmichael railway line detailed design. Has also done some civil engineering work related to Adani's plans to upgrade the road to the Carmichael site. |
| Caporn Piling | Construction & Engineering | Believed to be providing/have provided services to the Carmichael coal project. |
| Caterpillar | Construction & Engineering | Via subsidiary Progress Rail, provided locomotives to Adani-owned Bowen Rail Company for hauling Carmichael mine thermal coal. |
| Compass Assurance Services | Construction & Engineering | Provides/provided certification services for Adani Mining and Abbot Point coal port. |
| Crawfords Freightlines | Construction & Engineering | Transport company believed to have transported equipment used to construct the Carmichael coal mine. |
| Criterion Underwriting | Insurance | Believed to be involved in helping arrange insurance coverage for the operation of the Carmichael coal mine. |
| CRRC Yangtze Co. | Construction & Engineering | Providing wagons to Adani-owned Bowen Rail Company for hauling of Carmichael mine thermal coal. |
| Decmil | Construction & Engineering | Construction company which had a $40m contract to design and construct three temporary camps along the Carmichael rail corridor. |
| Diona | Construction & Engineering | Believed to be providing/have provided services to the Carmichael coal project. |
| DRA Global | Construction & Engineering | Had a contract to build the coal handling and processing plant and the coal preparation plant ($140m contract) for the Carmichael coal mine. |
| Epsilon Underwriting | Insurance | Underwriting agency believed to be providing services to the Adani Carmichael coal project. |
| Ernst & Young | Construction & Engineering | Multinational professional services company. Auditors for Adani's Australian operations. |
| GAM Holding AG | Finance | Investor in Adani's Australian coal port - NQXT |
| GLAS | Finance | Is providing debt administration services to Adani's Australian coal infrastructure. |
| Go West | Construction & Engineering | Australian tour and transport company. Has been awarded a 5 year fleet contract to supply buses to transport mine workers between the airport, workers camp and the mine site. |
| Green Acres Hydromulching | Construction & Engineering | Hydromulch spraying and provision of water trucks at the Carmichael mine site. |
| Haitong International | Finance | Bond arranger for Adani's Australian coal port - NQXT. |
| Hamilton Insurance Group | Insurance | "Hamilton is completing the integration of businesses acquired during a deal with Liberty Mutual. Once we finalize our integration, which is expected to be in mid 2021, we will review our Environmental, Social and Governance (ESG) principles to ensure they reflect the underwriting guidelines of our expanded enterprise." Hamilton released ESG principles in late 2021 which do not restrict coal underwriting. |
| Hanson Australia (Heidelberg Cement) | Construction & Engineering | Believed to be working/have worked on the Carmichael coal project. |
| Hevilift | Construction & Engineering | Air transport company believed to be providing/have provided services to Adani for the Carmichael project. |
| Humes (LafargeHolcim Group) | Construction & Engineering | Pre-cast concrete supplier, believed to have bid to supply pre-cast concrete for the Adani Carmichael coal project. |
| Invesco | Finance | Investor in Adani's Australian coal port - NQXT |
| Jaws | Construction & Engineering | Construction and mining equipment producer believed to be/been involved with the Adani Carmichael project. |
| KoreanRE | Insurance | Has not ruled out providing insurance to the Adani Carmichael coal mine and associated infrastructure. |
| KPMG | Construction & Engineering | Multinational professional services company. Believed to be providing/have provided strategic assistance to Adani. |
| Lantrak | Construction & Engineering | Lantrak was awarded the Major Haulage Contract for the rail alignment works with BMD Constructions for the Western half of the rail corridor at the Carmichael coal mine. |
| Lloyd's of London | Insurance | The Lloyd's insurance market has been involved in providing insurance for the Carmichael coal project since 2019. |
| LW Survey | Construction & Engineering | Company believed to be providing/have provided services to the Adani Carmichael coal project. |
| MacKellar Group | Construction & Engineering | "With Mackellar currently providing clear and grub, topsoil removal and a mining box cut we have grown to provide the majority of services at this new mine." |
| Martinus Rail | Construction & Engineering | Rail construction company contracted to construct part of the Carmichael rail line. |
| Meales | Construction & Engineering | Concrete pumping company working/worked on the Carmichael mine site. |
| Miller | Insurance | Has not ruled out providing insurance to the Adani Carmichael coal mine and associated infrastructure. |
| Mitchell | Construction & Engineering | Water and Gas pipeline company believed to be working/have worked on the Adani Carmichael coal project. |
| Moody Civil and Pipes | Construction & Engineering | Pipeline laying company believed to be working/have worked on the Adani Carmichael coal project. |
| MPC Kinetic | Construction & Engineering | Mining construction and management company which undertook works at the Carmichael mine site. |
| Oneglobal | Insurance | Insurance broker believed to be providing services to the Adani Carmichael coal project. |
| Oracle Aconex | Construction & Engineering | Software company believed to be providing/have provided the Aconex project management software for use on the Adani Carmichael coal project. |
| Pan American Life Insurance Group | Finance | Investor in Adani's Australian coal port - NQXT |
| Platinum Blasting | Construction & Engineering | Explosives for the Carmichael coal mine. |
| Principal Financial Group | Finance | Investor in Adani's Australian coal port - NQXT |
| Probitas 1492 | Insurance | Insurer inside the Lloyd's of London market believed to be underwriting part of the Adani Carmichael coal project. |
| QH&M Birt | Construction & Engineering | Queensland based construction materials and mining services company. |
| Rocla (Fletcher Building Group) | Construction & Engineering | Pre-cast concrete supplier and subsidiary of the Fletcher Building Group, believed to have bid to supply pre-cast concrete for the Adani Carmichael coal project. |
| Sage Advisory Services | Finance | Investor in Adani's Australian coal port - NQXT |
| SAP | Construction & Engineering | German software company. Media reports indicate that SAP has an Adani Group-wide business transformation deal. SAP has refused to say whether its products are being used to facilitate the construction and operation of the Carmichael coal mine and rail line. |
| Siemens | Construction & Engineering | Engineering company provided the signaling for the Carmichael rail line through its subsidiary Siemens Mobility. |
| SMW Group | Construction & Engineering | Queensland based company provided new Ultrahaul mine truck trays and a bore field maintenance program. |
| Sodexo | Construction & Engineering | French multinational provided the hospitality and cleaning services for the rail construction camps. |
| Sompo | Insurance | "We confirm we do not have underwriting exposure to the project." Statement does not rule out future underwriting. |
| Southern Farm Bureau Life Insurance | Finance | Investor in Adani's Australian coal port - NQXT |
| Spiecapag (VINCI) | Construction & Engineering | Pipelines company believed to have worked or bid for work on the Adani Carmichael coal project. |
| Starr | Insurance | "Starr companies has no involvement in the Carmichael mine project." Statement does not rule out future underwriting. |
| State Bank of India | Finance | Has yet to rule out providing a $1 billion loan to Adani for the Carmichael thermal coal project. |
| State Street Corp | Finance | Investor in Adani's Australian coal port - NQXT |
| Stifel | Finance | Bond arranger for Adani's Australian coal port - NQXT. |
| Telstra | Construction & Engineering | Telecommunications company believed to be providing communications links for the Carmichael project. |
| The Markel Corporation | Insurance | Has not ruled out providing insurance to the Adani Carmichael coal mine and associated infrastructure. |
| Thompson Investment Management | Finance | Investor in Adani's Australian coal port - NQXT |
| UBS | Finance | Investor in Adani's Australian coal port - NQXT |
| Verwaltungs- und Privat-Bank AG | Finance | Investor in Adani's Australian coal port - NQXT |
| Viadux (Reece) | Construction & Engineering | Subsidiary of Reece, believed to have tendered to supply pipes for the Carmichael project. |
| Vinidex (Aliaxis) | Construction & Engineering | Pipeline company providing pipes for the Adani Carmichael coal project. |
| W.R. Berkeley | Insurance | Has not ruled out providing insurance to the Adani Carmichael coal mine and associated infrastructure. |
| Wagners | Construction & Engineering | Queensland based construction materials and mining services company. Wagners have a contract with Adani to provide resources for roads, camps, dams and civil works related to the Carmichael coal project. |
| Willis Towers Watson | Insurance | "Please note that we have a corporate policy that provides that we do not comment on whether or not a particular entity or project may be an actual or potential client of the firm." |
| Zazove Associates | Finance | Investor in Adani's Australian coal port - NQXT |
Status of international insurance companies on Adani's Carmichael thermal coal project (including mine, rail and port).
| Company | What they've said/done |
|---|---|
| AIG | Has not ruled out providing insurance to the Adani Carmichael coal mine and associated infrastructure, although in March 2022 it released a policy ending its underwriting of new thermal coal mines. We have asked AIG to clarify if this rules out Carmichael but have not gotten a response. AIG was insuring Adani's on-ground works at the Carmichael mine site until 30 Sep 2019. In August 2022 AIG was mentioned in a tip-off regarding who is involved in insuring the Carmichael rail network. It has once again refused to clarify its role. |
| Aon | "Aon does not provide insurance broking or other services to the Adani Carmichael project." This statement doesn't rule out future involvement. Additionally, Aon is known to have provided services to BMD, the biggest contractor working on the Adani Carmichael project. |
| Ark Underwriting | Has not ruled out providing insurance to the Adani Carmichael coal mine and associated infrastructure. |
| Austbrokers (AUB Group) | Austbrokers is assisting Adani in obtaining insurance for the Carmichael coal project, including the NQXT port. |
| Berkshire Hathaway | Has not ruled out providing insurance to the Adani Carmichael coal mine and associated infrastructure. |
| Criterion Underwriting | Believed to be involved in helping arrange insurance coverage for the operation of the Carmichael coal mine. |
| Epsilon Underwriting | Underwriting agency believed to be providing services to the Adani Carmichael coal project. |
| Hamilton Insurance Group | "Hamilton is completing the integration of businesses acquired during a deal with Liberty Mutual. Once we finalize our integration, which is expected to be in mid 2021, we will review our Environmental, Social and Governance (ESG) principles to ensure they reflect the underwriting guidelines of our expanded enterprise." Hamilton released ESG principles in late 2021 which do not restrict coal underwriting. |
| KoreanRE | Has not ruled out providing insurance to the Adani Carmichael coal mine and associated infrastructure. |
| Lloyd's of London | The Lloyd's insurance market has been involved in providing insurance for the Carmichael coal project since 2019. |
| The Markel Corporation | Has not ruled out providing insurance to the Adani Carmichael coal mine and associated infrastructure. |
| Miller | Has not ruled out providing insurance to the Adani Carmichael coal mine and associated infrastructure. |
| Oneglobal | Insurance broker believed to be providing services to the Adani Carmichael coal project. |
| Probitas 1492 | Insurer inside the Lloyd's of London market believed to be underwriting part of the Adani Carmichael coal project. |
| Sompo | "We confirm we do not have underwriting exposure to the project." Statement does not rule out future underwriting. |
| Starr | "Starr companies has no involvement in the Carmichael mine project." Statement does not rule out future underwriting. |
| Willis Towers Watson (insurance broker) | "Please note that we have a corporate policy that provides that we do not comment on whether or not a particular entity or project may be an actual or potential client of the firm." |
| W.R. Berkeley | Has not ruled out providing insurance to the Adani Carmichael coal mine and associated infrastructure. |
Status of Construction and Engineering companies on Adani's Carmichael thermal coal project (including mine, rail and port).
| Company | What it's said/done |
|---|---|
| Altus Traffic | Traffic control company believed to be providing or have provided services to the Carmichael project. |
| Ardent Group | Brisbane based business provided/providing environmental management services for the Carmichael project. |
| Austrak (owned by German company Vossloh) | Austrak had a major contract for the Adani Carmichael rail project, to deliver the 730000 concrete sleepers from its Rockhampton center for the 400km rail line that would take the coal from the Carmichael mine to Abbot Point coal port. This railway line proposal was abandoned, with Adani building a 200km narrow gauge line linking to the existing Aurizon network. |
| BG&E | Engineering company worked on the design and construction of the 122km section of the 185km rail corridor & associated infrastructure to connect the Carmichael coal mine with the established network near Moranbah. |
| BMD | Major construction company contracted to build a section of the Carmichael rail line. |
| Calibre | Brisbane based engineering, construction and professional services company. It led on the Carmichael railway line detailed design. Has also done some civil engineering work related to Adani’s plans to upgrade the road to the Carmichael site. |
| Caporn Piling | Believed to be providing/have provided services to the Carmichael coal project. |
| Caterpillar | Via subsidiary Progress Rail, provided locomotives to Adani-owned Bowen Rail Company for hauling Carmichael mine thermal coal. |
| Compass Assurance Services | Provides/provided certification services for Adani Mining and Abbot Point coal port. |
| Crawfords Freightlines | Transport company believed to have transported equipment used to construct the Carmichael coal mine. |
| CRRC Yangtze Co. | Providing wagons to Adani-owned Bowen Rail Company for hauling of Carmichael mine thermal coal. |
| Decmil | Construction company which had a $40m contract to design and construct three temporary camps along the Carmichael rail corridor. |
| Diona | Believed to be providing/have provided services to the Carmichael coal project. |
| DRA Global | Had a contract to build the coal handling and processing plant and the coal preparation plant ($140m contract) for the Carmichael coal mine. |
| Ernst & Young | Multinational professional services company. Auditors for Adani's Australian operations. |
| Go West | Australian tour and transport company. Has been awarded a 5 year fleet contract to supply buses to transport mine workers between the airport, workers camp and the mine site. |
| Green Acres Hydromulching | Hydromulch spraying and provision of water trucks at the Carmichael mine site. |
| Hanson Australia (Heidelberg Cement) | Believed to be working/have worked on the Carmichael coal project. |
| Hevilift | Air transport company believed to be providing/have provided services to Adani for the Carmichael project. |
| Humes (LafargeHolcim Group) | Pre-cast concrete supplier, believed to have bid to supply pre-cast concrete for the Adani Carmichael coal project. |
| Jaws | Construction and mining equipment producer believed to be/been involved with the Adani Carmichael project. |
| KPMG | Multinational professional services company. Believed to be providing/have provided strategic assistance to Adani. |
| Lantrak | Lantrak was awarded the Major Haulage Contract for the rail alignment works with BMD Constructions for the Western half of the rail corridor at the Carmichael coal mine. |
| LW Survey | Company believed to be providing/have provided services to the Adani Carmichael coal project. |
| MacKellar Group | "With Mackellar currently providing clear and grub, topsoil removal and a mining box cut we have grown to provide the majority of services at this new mine." |
| Martinus Rail | Rail construction company contracted to construct part of the Carmichael rail line. |
| Meales | Concrete pumping company working/worked on the Carmichael mine site. |
| Mitchell | Water and Gas pipeline company believed to be working/have worked on the Adani Carmichael coal project. |
| Moody Civil and Pipes | Pipeline laying company believed to be working/have worked on the Adani Carmichael coal project. |
| MPC Kinetic | Mining construction and management company which undertook works at the Carmichael mine site. |
| Oracle Aconex | Software company believed to be providing/have provided the Aconex project management software for use on the Adani Carmichael coal project. |
| Platinum Blasting | Explosives for the Carmichael coal mine. |
| QH&M Birt | Queensland based construction materials and mining services company. |
| Rocla (Fletcher Building Group) | Pre-cast concrete supplier and subsidiary of the Fletcher Building Group, believed to have bid to supply pre-cast concrete for the Adani Carmichael coal project. |
| SAP | German software company. Media reports indicate that SAP has an Adani Group-wide “business transformation deal”. SAP has refused to say whether its products are being used to facilitate the construction and operation of the Carmichael coal mine and rail line. |
| Siemens | Engineering company provided the signaling for the Carmichael rail line through its subsidiary Siemens Mobility. |
| SMW Group | Queensland based company provided new Ultrahaul mine truck trays and a bore field maintenance program. |
| Sodexo | French multinational provided the hospitality and cleaning services for the rail construction camps. |
| Spiecapag (VINCI) | Pipelines company believed to have worked or bid for work on the Adani Carmichael coal project. |
| Telstra | Telecommunications company believed to be providing communications links for the Carmichael project. |
| Viadux (Reece) | Subsidiary of Reece, believed to have tendered to supply pipes for the Carmichael project. |
| Vinidex (Aliaxis) | Pipeline company providing pipes for the Adani Carmichael coal project. |
| Wagners | Queensland based construction materials and mining services company. Wagners have a contract with Adani to provide resources for roads, camps, dams and civil works related to the Carmichael coal project. |
Status of international finance companies on Adani's Carmichael thermal coal project (including mine, rail and port).
| Company | What it's said/done |
|---|---|
| BlackRock | Investor in Adani's Australian coal port - NQXT |
| Emirates NBD Capital | Possible bond arranger for Adani's Australian coal port - NQXT. |
| Equity Trustees | Has yet to rule out providing services to Adani's Australian coal infrastructure. |
| GAM Holding AG | Investor in Adani's Australian coal port - NQXT |
| GLAS | Is providing debt administration services to Adani's Australian coal infrastructure. |
| Haitong International | Bond arranger for Adani's Australian coal port - NQXT. |
| Invesco | Investor in Adani's Australian coal port - NQXT |
| MSC Trustees | Said in February 2022 that it is not involved. However, it has not ruled out providing services to Adani's Australian coal infrastructure in the future. |
| Pan American Life Insurance Group | Investor in Adani's Australian coal port - NQXT |
| Principal Financial Group | Investor in Adani's Australian coal port - NQXT |
| Sage Advisory Services | Investor in Adani's Australian coal port - NQXT |
| Southern Farm Bureau Life Insurance | Investor in Adani's Australian coal port - NQXT |
| State Bank of India | Has yet to rule out providing a $1 billion loan to Adani for the Carmichael thermal coal project. |
| State Street Corp | Investor in Adani's Australian coal port - NQXT |
| Stifel | Bond arranger for Adani's Australian coal port - NQXT. |
| Thompson Investment Management | Investor in Adani's Australian coal port - NQXT |
| UBS | Investor in Adani's Australian coal port - NQXT |
| Verwaltungs- und Privat-Bank AG | Investor in Adani's Australian coal port - NQXT |
| Zazove Associates | Investor in Adani's Australian coal port - NQXT |
Who’s ruled out working with Adani?
Over 100 major companies have so far ruled out being involved in the climate-wrecking Adani Carmichael coal project. They are listed in the table below.
These companies have either ruled out involvement or distanced themselves from all or part of the Adani Carmichael project.
| Company | Sector | What they have said |
|---|---|---|
| AECOM | Engineering | "Our people have demobilised. We’ve handed over our [railway] design to the client [Adani]. It’s up to them what happens after this." News reports in September 2018 revealed AECOM was trying to recover almost $17 million owed by Adani. |
| AJ Gallagher | Insurance | "Gallagher does not and has no intention of providing insurance broking services to the Adani Carmichael coal mine." |
| Allianz | Insurance | "Allianz no longer offers single-site/stand-alone insurance coverages related to the construction and/or operation of lignite/coal-fired power plants (CFPP) and mines where lignite/coal is extracted, effective immediately. Sngle-site/stand-alone coverage means the covering of loss and damages for a single power plant and/or mine (green- and brownfield) for an insured, as well as for offering guarantees (bonds) to a respective client. The exclusion is applicable for new (first time) contracts and the renewal of contracts." |
| Allied World | Insurance | "We do not insure the mine, rail or port projects and have no plans to do so in the future." |
| AMAL Trustees | Finance | "AMAL Trustees is not providing any services to Adani's coal infrastructure in Australia and has no plans to provide services in the future." |
| ANZ | Finance | "[ANZ's exposure to coalmining] is pretty small and trending down and I can’t see a time where we’d suddenly see that trend shift, to be honest” - Shayne Elliott, CEO |
| Apollo Underwriting | Insurance | "...we participate in one construction liability policy in respect of Adani Carmichael. This particular policy terminates in September 2021 after which we will no longer provide any insurance cover for this project. We have recently declined to participate in an additional policy relating to the Port and Rail extension and have agreed that we will not participate in any further insurance policies for risks associated with this project." |
| Arch Capital Group | Insurance | "Arch Capital Group Ltd. confirms that it has not and will not issue any insurance policies covering the Adani Carmichael coal mine." |
| Argo Limited | Insurance | "We are able to confirm that providing insurance for the Adani Carmichael project, its construction, contractors, infrastructure or operation are not within our risk appetite. Therefore we will not be providing insurance or reinsurance services associated with this project. " |
| Ascot Group | Insurance | "Ascot will not be renewing coverage for the [Carmichael coal] project when the current contract expires in September." |
| Aspen Insurance | Insurance | "Aspen can confirm that it will not be renewing any insurance policies associated with the Adani Carmichael mine." Aspen has refused to give a date for when its insurance policies with Adani Carmichael will expire. |
| Asta | Insurance | "I [the CEO] am not aware of any current or intended association [with the Adani Carmichael project]." |
| Aurecon | Engineering and Construction | "Aurecon will cease work for the Adani-leased Abbot Point export terminal following the completion of its current phase of work and will transition its people to partner with other clients over the next six to nine months," the spokeswoman said. "As part of this decision the firm has also ruled out working on any other Adani group of companies' projects." |
| AXA | Insurance | "As a global insurer, AXA will no longer cover certain risks as follows: • The development of new coal capacity is banned by ending Construction covers for any new coal plant and new coal mine, whichever the region or client." "Regarding the Carmichael mine, we confirm that: - We do not currently cover the Carmichael mine’s assets, neither directly nor through packages, and we do not intend to do so in the future; - We currently have a multi-year policy to partly cover the railway asset which will lapse in 2020 and which we shall not renew; - Adani is a banned investment both for our equity and fixed income holdings." |
| AXIS Capital | Insurance | "AXIS will not provide new insurance or facultative reinsurance for the construction of new thermal coal plants or mines and their dedicated infrastructure" |
| Bank of China | Finance | "[Bank of China] has not, and does not intend to, provide funding for the Adani Carmichael Mine project" |
| Bank of New York Mellon | Finance | “After review, BNY Mellon has decided to resign from all legacy transactions with Adani in Australia and will not pursue additional transactions with Adani in Australia. BNY Mellon has determined this business is not aligned with our ESG [environmental, social and governance] principles." |
| Barclays | Finance | "Barclays has no plans to participate in financing the Abbot Point development or its associated mine/rail infrastructure" |
| Beazley | Insurance | “We have no direct involvement with the Adani Carmichael mine having declined the risk when it was presented to us” "Beazley does not insure new coal mines" |
| BNP Paribas | Finance | "BNP Paribas do not intend to be involved in the financing of the development of coal mines projects in the Galilee Basin in Australia, nor of related dedicated infrastructure projects" |
| Brit | Insurance | “Brit does not, has never, and will not write any policies relating directly to the Adani Carmichael coal mine itself. In addition, Brit also confirms that it does not plan to renew any risks involving any other [infrastructure] associated with the project.“ |
| Canopius | Insurance | “Canopius is not involved in any negotiations to provide insurance coverage for the Adani mine project.” |
| Cardno | Engineering | "Adani has been very controversial, not only with people outside the company, it's been controversial with staff as well as other customers of the company. "As a company we have decided that we will not do any further work on Adani.." |
| China Construction Bank | Finance | "China Construction Bank is not involved with, nor considering involvement with, the Adani Carmichael Mine project... nor will they be considering involvement in the future.“ |
| China Merchants Banks | Finance | “China Merchants Bank is not, and does not intend to be involved in the Adani Carmichael Mine project.” |
| Cincinnati Global | Insurance | "...we have learned a great deal about the Adani project and I can confirm that projects of a similarly harmful nature would not fall within our risk appetite." |
| Citibank | Finance | "Citi is not involved and does not plan to be involved in any financing for the Abbot Point expansion" |
| CLSA | Finance | “CLSA does not intend to provide financial services for the Adani Carmichael mine and or the Adani Abbot Point coal port .“ |
| CNA Hardy | Insurance | "I can confirm that we do not provide any insurance for the Adani Carmichael coal project in Australia. ...we do not underwrite any new coal mining risks and are withdrawing from existing business." |
| Commerzbank | Finance | “Commerzbank does not finance projects for new coal mines.” |
| Commonwealth Bank of Australia | Finance | "We are not amongst the banks who have been, or will be, asked to consider this financing" |
| Conduit Re | Insurance | "Conduit Re does not insure the Adani Carmichael Mining project and has no intention of doing so in the future" |
| Convex Insurance | Insurance | "We will not insure the construction or operation of any new thermal coal mine and/or its dedicated infrastructure." |
| Credit Agricole | Finance | "Due to the number and magnitude of issued linked to the planned coal development projects in the Galilee Basin, Credit Agricole SA does not intend to finance these projects or their associated facilities" |
| Credit Suisse | Finance | “Credit Suisse will not provide any form of financing that is specifically related to the development of a new greenfield thermal coal mine, or where the majority of the use of proceeds is intended for a new greenfield thermal coal mine.” |
| Dai Ichi Life | Finance | “Two leading banks in Japan — Nippon Life and Dai Ichi Life — refused to fund the [Adani Carmichael] project.” |
| DBS | Finance | "...the bank will also cease all project financing of greenfield thermal coal mines." |
| Deutsche Bank | Finance | “We are currently not involved with this project and will also not be involved with it in the future” |
| Downer EDI | Mining | "Adani and Downer have mutually agreed to cancel all Letters of Award relating to the mine services and the related infrastructure." |
| ERS Insurance | Insurance | "I am pleased to confirm that ERS will not be involved in any way with the Adani Carmichael project." |
| ETS (Eastern Tree Services) | Vegetation management | "...ETS can confirm we will not undertake work for Adani relating to the proposed Carmichael mine, including the mine site, water facilities, rail corridor or expansion of the port." |
| Faraday (Lloyd's syndicate owned by Berkshire Hathaway) | Insurance | "...we do not offer insurance on any coal mining projects around the world, this is out of our risk appetite. As far as I can see we also do not insure any of the rail infrastructure that may convey goods...from the Adani project. "Mining as a industry is not something that we would look to underwrite now or in the future." |
| Fidelis | Insurance | "We are committed to driving forward anti-coal initiatives, we look to shape change by not offering insurance to companies that extract coal or generate energy using coal. "As such I can confirm that we have declined to offer capacity for any of the Adani construction and operation risks, and have also declined to support non-payment insurance for infrastructure financing for the project. We will continue to be vigilant in ensuring that we do not provide insurance for any coal projects." |
| FIIG | Finance | "FIIG is not currently in (and does not intend to enter into) any discussions with any of these entities [Adani Mining and Abbot Point Coal Port] regarding the arranging or structuring of any future bond issues." |
| FKG Group | Engineering and Construction | FKG isn't involved in the Carmichael project and has no intention of being involved in negotiations regarding work on the Adani Carmichael project. |
| FM Global | Insurance | “FM Global is not involved, nor intends to become involved, with Adani’s Carmichael Coal Mine/Rail Project.” |
| General Electric (GE) | Industrial technology | "...GE is not involved, and has no plans to be involved, in the Adani Carmichael project." |
| Generali | Insurance | "Define our positioning in coal-related activities: Exclusion of any new investment in businesses associated with the coal sector and gradual divestment of the €2 billion exposure on coal-related assets, with the disposal of equity assets by April 2019 Commitment not to increase the minimal insurance exposure to coal-related activities Commitment not to insure any new coal-related customer and any new coal construction project (mines and plants) with immediate effect" |
| Genesee and Wyoming Australia | Rail freight | “Genesee & Wyoming Australia (GWA)...[has] previously been approached to service the Adani Carmichael project and decided not to participate.” |
| Goldman Sachs | Finance | "Specific to Abbot Point, we will not finance any project or initiate loans where the specified use of proceeds would significantly convert or degrade a critical natural habitat" |
| Greyhound Australia | Transport (for construction) | "Following considered deliberation, and in the best interests of our staff, customers, and partners, Greyhound Australia has decided to not enter into a contractual agreement with BMD to service construction of the Carmichael Rail Network beyond our preliminary 31 March 2020 commitment.” |
| Guardian Life Insurance | Finance | "We sold our share in this bond offering [Adani Abbot Point Terminal bonds due 2021] in 2019 and do not plan to pursue future investments with Adani." |
| Hannover Re (including subsidiary Lloyd's syndicate Argenta) | Insurance | "...on the underwriting side, as a general principle, the company will not be providing reinsurance coverage for any planned new coal-fired power plants or coal mines." |
| Hanwha Securities | Finance | "Hanwha Securities will not be providing any further financing for the terminal [Abbot Point coal port] or any of Adani’s coal projects..." |
| HDI Global (Talanx Group) | Insurance | “In accordance with our coal policy published in April 2019, we reviewed this project and terminated the insurance cover for this project in October 2019. As a result, there is no insurance cover for the Carmichael project of HDI Global / Talanx. “And to the best of our knowledge and belief, we have even excluded the Carmichael project from insurance coverage for significant suppliers.” |
| Helvetia Insurance Group | Insurance | "We are not involved in Adani Carmichael thermal coal project [...] we can confirm that we won't be involved in this project in the future as well as we won't be involved in the associated infrastructure." |
| Hiscox | Insurance | "We have no interest in coal mines like Adani’s and this [coal] policy makes that clear” |
| HSBC | Finance | "[HSBC] is extraordinarily unlikely to go anywhere near [Abbot Point]" "HSBC will no longer support new thermal coal mines" |
| Industrial and Commercial Bank of China | Finance | “ICBC has not been, and does not intend to be, engaged in arranging financing for this project.” |
| Industrial Bank of Korea | Finance | "... Industrial Bank of Korea will not participate not only in AAPT [Abbot Point coal port financing] but other projects that cause harm to Australia’s environment." |
| ING | Finance | "ING will not provide financial services that directly refer to... new thermal coal mining" |
| Investec | Finance | "In line with our commitment to climate change, Investec has not lent to the Carmichael coal project and can confirm we have no loan exposure to Adani Abbot Point Terminal (AAPT). We had a historic hedging facility with AAPT which will not be renewed." |
| J. Safra Sarasin Bank | Finance | A representative of J. Safra Sarasin confirmed that it had sold its $1 million of Adani Abbot Point Terminal bonds and that "when they are out, they are out", meaning they will refuse to purchase the bonds again. |
| JP Morgan Chase | Finance | "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” |
| KBC | Finance | “KBC [has stopped] financing new, coal-fired electricity generation, including coal mining.” |
| KIAMCO | Finance | "We deeply conform the responsibility of financial investors and have well understood the importance and concerns for the development of the Carmichael mine on the W&J’s ancestral lands. We, KDB Infrastructure Asset Management Co. Ltd., hereby confirm that we have no intention to participate by all means, financial or other support or services, in the development of the Carmichael mine." |
| Korea Development Bank | Finance | "Regarding the development and building of the Carmichael Coal Mine, Rail and Port Project in Australia proposed by Adani Mining Pty Ltd (“Project”), ... we are no longer reviewing it. We wish to express that we have no intent to provide finance for the Project." |
| Korea Export Import Bank | Finance | "Please be assured that Korea Eximbank does not have any intent to provide financial support to the Carmichael project, which includes the development of mine, rail and the port of Abbot point." |
| Korea Investment and Securities | Finance | "...we have decided to stop additional investments in coal and disclosed our decision in public. "We will not invest in any coal-related deal from now on." |
| Lancashire Group | Insurance | "The Group does not have an appetite for underwriting direct insurance exposure for the Adani Carmichael project." |
| Liberty Mutual | Insurance | "Liberty Mutual Specialty Markets do not have any current policies in place for the Adani Carmichael mine project…We will not have any further involvement in the Adani Carmichael mine project. ” |
| MAPFRE | Insurance | "MAPFRE will...cease to insure the construction of new coal-fired electricity plants or coal mines." |
| Metrics | Finance | "Metrics Credit Partners have no exposure to Adani and, in accordance with Metrics ESG policy set out on our website, we do not lend or provide financial services to companies operating in the coal sector." |
| Mirae Asset Daewoo | Finance | "We have no intention to be involved in either any financing activities of Carmichael mine development or Abbot Point equity sale activities." |
| Morgan Stanley | Finance | "Morgan Stanley will not lend to or invest in the expansion of Abbot Point" |
| MS Amlin | Insurance | "We can confirm that we have no involvement in and do not intend to participate in the underwriting of the Adani Carmichael mining project. As a leading (re)insurer we recognise our responsibility and the role we have to play alongside our partners and clients in managing the long term risks of climate change and transitioning together towards a low carbon future." |
| Munich Re | Insurance | Munich Re plans to stop offering insurance for new coal-fired power plants and mines in industrialised countries. |
| NAB | Finance | "NAB is not involved and has no plans to be involved in any financing for the Carmichael coal mine" |
| National Pension Service (Korea) | Finance | Asked: "Whether the National Pension Service has invested in any kind of equity, extended any kind of loan, purchased or transacted any kind of securities relating to the Australia Queensland Carmichael Mine, Abbot Point Port and rail project relating to the mine and port which is under development by Adani, or whether it has reviewed such type of financing?" Response: "none" |
| Natixis | Finance | "Natixis has committed itself to end its financing of coal-fired power plants and thermal coal mines worldwide. Natixis has also decided to no longer accept new advisory or arrangement mandates linked to financings of this type." |
| Navigators Group (owned by The Hartford) | Insurance | In December 2019, The Hartford adopted a policy which includes: "No new underwriting of or investments in companies that generate more than 25 percent of their revenues from thermal coal mining or more than 25 percent of their energy production from coal." |
| Newline Group | Insurance | "Newline Syndicate 1218 does not insure the Adani Carmichael coal project and does not intend to do so." |
| Nippon Life | Finance | “Two leading banks in Japan — Nippon Life and Dai Ichi Life — refused to fund the [Adani Carmichael] project.” |
| NRW Holdings | Civil / Mining | [Regarding commercial dispute over previous project]: "Clearly, we wouldn’t be taking those sort of risks in the future... An example of that might be an Adani." |
| PartnerRe | Insurance | "We would not consider participating" [in re/insurance for the Adani Carmichael coal project] |
| People's Insurance Company of China (PICC) | Insurance | Media reports regarding communication from the Chinese embassy in Australia indicate that PICC and all major Chinese insurance companies, will refuse to insure Adani Carmichael. |
| Perpetual | Finance | "We recognise the risks related to the project and we can confirm that in the event our trustee business, Perpetual Corporate Trust, was approached to act as trustee, we would not be in a position to provide these services." |
| PIMCO | Finance | PIMCO has stopped participating in the bond offerings of Adani Ports & Special Economic Zone Ltd. because of its links to a controversial coal project Australia - Bloomberg |
| QBE | Insurance | "We do not provide insurance services to the proposed Carmichael mine and rail construction project and we do not intend to do so in the future." |
| Rabobank | Finance | "We will not directly finance the exploration, extraction or production of coal used for power generation" |
| Rockwell Automation | Industrial IT and software | "Rockwell Automation is not working with Adani on this project [Carmichael coal], and we will not be involved moving forward." |
| Royal Bank of Scotland | Finance | “RBS is not involved in the Abbot Point expansion project and has no plans to be involved in the future” |
| RSA Insurance Group | Insurance | "Our underwriters follow our Climate Change and Low Carbon Policy, which means we would not provide cover to the Adani Carmichael thermal coal project." |
| Samsung | Finance | "Samsung Securities will commit that we will not be providing further financing for the Terminal and any of the Adani’s coal projects." "Samsung Asset Management India Mutual Fund had sold Adani Ports shares due to recent market noise and share price volatility related to Adani Group’s coal project therefore as of June 23, 2021 the fund no longer owns Adani Ports shares and has no plan to repurchase the shares. Overall, Samsung Asset Management clearly has no intention to support Adani's coal project..." |
| Santander | Finance | Prohibited activities: Any new thermal coal mine projects worldwide |
| SCOR (including The Channel Syndicate at Lloyd's of London) | Insurance | SCOR will no longer “issue insurance or facultative reinsurance that would specifically encourage new greenfield thermal coal mines" "Our Group can confirm that SCOR, through its Large Risk Underwriting unit (Business Solutions), is neither involved nor intends to be involved in the procurement of any kind of re/insurance coverage of the Adani investment known as Carmichael project, including the rail line project." |
| SEB | Finance | “SEB will not enter into new business relations with companies with major business in coal mining” |
| Sequoia Economic Infrastructure Income Fund | Finance | "The following sub-sectors or asset types are excluded: ...Infrastructure related to mining thermal coal.” |
| SILC Group | Finance | “The SILC Group recognises that every corporate entity has a responsibility to its employees, clients and external stakeholders to ensure that it behaves responsibly in all aspects of its business. Our Environmental, Social and Governance (ESG) policy specifically outlines The SILC Group’s commitment to the environment and sustainable reduction of our corporate footprint. As such The SILC Group will not participate in the Adani project.” |
| Sirius Group | Insurance | "Sirius Group does not insure the Adani coal mine project nor do we have any plans to do so." |
| Societe Generale | Finance | "Societe Generale is not currently involved, and does not plan to be involved in the coal mine and infrastructure projects associated with the Galilee Basin in Australia" (Translated) |
| Spotless | Facilities Management | "Spotless is not a provider of facilities management services to Adani and has no intention of offering services for future opportunities." |
| Standard Chartered | Finance | "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" |
| Suncorp | Insurance | "We confirm we do not have financing, investment or underwriting exposure to Adani or coal mining projects in the Galilee Basin, nor do we intend to in the future." |
| Swiss Re | Insurance | Swiss Re's group-wide coal policy prohibits providing re/insurance for thermal coal mines, coal-fired power stations or any company that is more than 30% exposed to thermal coal. |
| Tokio Marine | Insurance | Tokio Marine Group will not provide new underwriting capacities or financing to coal fired power generation projects or thermal coal mining projects, regardless of whether they are newly constructed or not. “We can confirm that Tokio Marine Kiln would not participate in any future underwriting contracts on this (Adani's Carmichael) project." |
| Travelers | Insurance | "Travelers does not insure, and has no plans to insure, the Adani Carmichael mine project." |
| US Bancorp | Finance | “[US Bancorp] does not provide project financing… for the development of new coal mines.“ |
| Valex Capital | Finance | "...we do not consider investing in AAPT [Adani Abbot Point Terminal] in the future. We are pursuing a sustainability strategy and have removed all investments in AAPT long ago." |
| Westpac | Finance | “We will limit lending to any new thermal coal mines or projects (including those of existing customers) to only existing coal producing basins and where the calorific value for that mine ranks in at least the top 15% globally" |
| Worley | Engineering | "We are not working on the Adani project and we have no intention to." |
| Yuanta Securities Investment Trust | Finance | "We have noticed this issue and already liquidated all bonds related to AAPT [Adani Abbot Point Terminal]...we are always dedicated to avoiding investing this kind of target." |
| Zurich | Insurance | "Zurich intends to stop providing insurance or risk management services for new thermal coal mines or for potential new clients that derive more than half their revenue from mining thermal coal, and also for utility companies that generate more than half of their energy from coal." |
These insurers have either ruled out involvement or distanced themselves from all or part of the Adani Carmichael project.
| Company | What they have said |
|---|---|
| AJ Gallagher | "Gallagher does not and has no intention of providing insurance broking services to the Adani Carmichael coal mine." |
| Allianz | "Allianz no longer offers single-site/stand-alone insurance coverages related to the construction and/or operation of lignite/coal-fired power plants (CFPP) and mines where lignite/coal is extracted, effective immediately. Sngle-site/stand-alone coverage means the covering of loss and damages for a single power plant and/or mine (green- and brownfield) for an insured, as well as for offering guarantees (bonds) to a respective client. The exclusion is applicable for new (first time) contracts and the renewal of contracts." |
| Allied World | "We do not insure the mine, rail or port projects and have no plans to do so in the future." |
| Apollo Underwriting | "...we participate in one construction liability policy in respect of Adani Carmichael. This particular policy terminates in September 2021 after which we will no longer provide any insurance cover for this project. We have recently declined to participate in an additional policy relating to the Port and Rail extension and have agreed that we will not participate in any further insurance policies for risks associated with this project." |
| Arch Capital Group | "Arch Capital Group Ltd. confirms that it has not and will not issue any insurance policies covering the Adani Carmichael coal mine." Further clarification confirms that this also includes all associated infrustructure. |
| Argo Limited | "We are able to confirm that providing insurance for the Adani Carmichael project, its construction, contractors, infrastructure or operation are not within our risk appetite. Therefore we will not be providing insurance or reinsurance services associated with this project. " |
| Ascot Group | "Ascot will not be renewing coverage for the [Carmichael coal] project when the current contract expires in September." |
| Aspen | "Aspen can confirm that it will not be renewing any insurance policies associated with the Adani Carmichael mine." Aspen has refused to give a date for when its insurance policies with Adani Carmichael will expire. |
| Asta | "I [the CEO] am not aware of any current or intended association [with the Adani Carmichael project]." |
| AXA | "As a global insurer, AXA will no longer cover certain risks as follows: • The development of new coal capacity is banned by ending Construction covers for any new coal plant and new coal mine, whichever the region or client." "Regarding the Carmichael mine, we confirm that: - We do not currently cover the Carmichael mine’s assets, neither directly nor through packages, and we do not intend to do so in the future; - We currently have a multi-year policy to partly cover the railway asset which will lapse in 2020 and which we shall not renew; - Adani is a banned investment both for our equity and fixed income holdings." |
| AXIS Capital | "AXIS will not provide new insurance or facultative reinsurance for the construction of new thermal coal plants or mines and their dedicated infrastructure" |
| Beazley | “We have no direct involvement with the Adani Carmichael mine having declined the risk when it was presented to us” "Beazley does not insure new coal mines" |
| Brit | “Brit does not, has never, and will not write any policies relating directly to the Adani Carmichael coal mine itself. In addition, Brit also confirms that it does not plan to renew any risks involving any other [infrastructure] associated with the project.“ |
| Canopius | “Canopius is not involved in any negotiations to provide insurance coverage for the Adani mine project.” |
| Cincinnati Global | "...we have learned a great deal about the Adani project and I can confirm that projects of a similarly harmful nature would not fall within our risk appetite." |
| CNA Hardy | "I can confirm that we do not provide any insurance for the Adani Carmichael coal project in Australia. ...we do not underwrite any new coal mining risks and are withdrawing from existing business." |
| Conduit Re | "Conduit Re does not insure the Adani Carmichael Mining project and has no intention of doing so in the future" |
| Convex Insurance | "We will not insure the construction or operation of any new thermal coal mine and/or its dedicated infrastructure." |
| ERS Insurance | "I am pleased to confirm that ERS will not be involved in any way with the Adani Carmichael project." |
| Faraday (Lloyd's syndicate owned by Berkshire Hathaway) | "...we do not offer insurance on any coal mining projects around the world, this is out of our risk appetite. As far as I can see we also do not insure any of the rail infrastructure that may convey goods...from the Adani project. "Mining as a industry is not something that we would look to underwrite now or in the future." |
| Fidelis | "We are committed to driving forward anti-coal initiatives, we look to shape change by not offering insurance to companies that extract coal or generate energy using coal. "As such I can confirm that we have declined to offer capacity for any of the Adani construction and operation risks, and have also declined to support non-payment insurance for infrastructure financing for the project. We will continue to be vigilant in ensuring that we do not provide insurance for any coal projects." |
| FM Global | “FM Global is not involved, nor intends to become involved, with Adani’s Carmichael Coal Mine/Rail Project.” |
| Generali | "Define our positioning in coal-related activities: Exclusion of any new investment in businesses associated with the coal sector and gradual divestment of the €2 billion exposure on coal-related assets, with the disposal of equity assets by April 2019 Commitment not to increase the minimal insurance exposure to coal-related activities Commitment not to insure any new coal-related customer and any new coal construction project (mines and plants) with immediate effect" |
| Hannover Re (including subsidiary Lloyd's syndicate Argenta) | "...on the underwriting side, as a general principle, the company will not be providing reinsurance coverage for any planned new coal-fired power plants or coal mines." |
| HDI Global (Talanx Group) | “In accordance with our coal policy published in April 2019, we reviewed this project and terminated the insurance cover for this project in October 2019. As a result, there is no insurance cover for the Carmichael project of HDI Global / Talanx. “And to the best of our knowledge and belief, we have even excluded the Carmichael project from insurance coverage for significant suppliers.” |
| Helvetia Insurance Group | " We are not involved in Adani Carmichael thermal coal project [...]. We can confirm that we won't be involved in this project in the future as well as we won't be involved in the associated infrastructure." |
| Hiscox | "We have no interest in coal mines like Adani’s and this [coal] policy makes that clear” |
| Lancashire Group | "The Group does not have an appetite for underwriting direct insurance exposure for the Adani Carmichael project." |
| Liberty Mutual | "Liberty Mutual Specialty Markets do not have any current policies in place for the Adani Carmichael mine project…We will not have any further involvement in the Adani Carmichael mine project. ” |
| MAPFRE | "MAPFRE will...cease to insure the construction of new coal-fired electricity plants or coal mines." |
| MS Amlin | "We can confirm that we have no involvement in and do not intend to participate in the underwriting of the Adani Carmichael mining project. As a leading (re)insurer we recognise our responsibility and the role we have to play alongside our partners and clients in managing the long term risks of climate change and transitioning together towards a low carbon future." |
| Munich Re | Munich Re plans to stop offering insurance for new coal-fired power plants and mines in industrialised countries. |
| Navigators Group (owned by The Hartford) | In December 2019, The Hartford adopted a policy which includes: "No new underwriting of or investments in companies that generate more than 25 percent of their revenues from thermal coal mining or more than 25 percent of their energy production from coal." |
| Newline Group | "Newline Syndicate 1218 does not insure the Adani Carmichael coal project and does not intend to do so." |
| PartnerRe | "We would not consider participating" [in re/insurance for the Adani Carmichael coal project] |
| People's Insurance Company of China (PICC) | Media reports regarding communication from the Chinese embassy in Australia indicate that PICC and all major Chinese insurance companies, will refuse to insure Adani Carmichael. |
| QBE | "We do not provide insurance services to the proposed Carmichael mine and rail construction project and we do not intend to do so in the future." |
| RSA Insurance Group | "Our underwriters follow our Climate Change and Low Carbon Policy, which means we would not provide cover to the Adani Carmichael thermal coal project." |
| SCOR (including The Channel Syndicate at Lloyd's of London) | SCOR will no longer “issue insurance or facultative reinsurance that would specifically encourage new greenfield thermal coal mines" "Our Group can confirm that SCOR, through its Large Risk Underwriting unit (Business Solutions), is neither involved nor intends to be involved in the procurement of any kind of re/insurance coverage of the Adani investment known as Carmichael project, including the rail line project." |
| Sirius Group | "Sirius Group does not insure the Adani coal mine project nor do we have any plans to do so." |
| Suncorp | "We confirm we do not have financing, investment or underwriting exposure to Adani or coal mining projects in the Galilee Basin, nor do we intend to in the future." |
| Swiss Re | Swiss Re's group-wide coal policy prohibits providing re/insurance for thermal coal mines, coal-fired power stations or any company that is more than 30% exposed to thermal coal. |
| Tokio Marine | Tokio Marine Group "will not provide new underwriting capacities or financing to coal fired power generation projects or thermal coal mining projects, regardless of whether they are newly constructed or not." Tokio Marine Kiln: “We can confirm that TMK would not participate in any future underwriting contracts on this (Adani's Carmichael) project.” |
| Travelers | "Travelers does not insure, and has no plans to insure, the Adani Carmichael mine project." |
| Zurich | "Zurich intends to stop providing insurance or risk management services for new thermal coal mines or for potential new clients that derive more than half their revenue from mining thermal coal, and also for utility companies that generate more than half of their energy from coal." |
These construction and engineering companies have either ruled out involvement or distanced themselves from all or part of the Adani Carmichael project.
| Company | Sector | What they have said |
|---|---|---|
| AECOM | Engineering | "Our people have demobilised. We’ve handed over our [railway] design to the client [Adani]. It’s up to them what happens after this." |
| Aurecon | Engineering and Construction | "Aurecon will cease work for the Adani-leased Abbot Point export terminal following the completion of its current phase of work and will transition its people to partner with other clients over the next six to nine months," the spokeswoman said. "As part of this decision the firm has also ruled out working on any other Adani group of companies' projects." |
| Cardno | Engineering | "Adani has been very controversial, not only with people outside the company, it's been controversial with staff as well as other customers of the company. "As a company we have decided that we will not do any further work on Adani.." |
| Downer EDI | Mining and construction | "Adani and Downer have mutually agreed to cancel all Letters of Award relating to the mine services and the related infrastructure." |
| ETS (Eastern Tree Services) | Vegetation management | "...ETS can confirm we will not undertake work for Adani relating to the proposed Carmichael mine, including the mine site, water facilities, rail corridor or expansion of the port." |
| FKG Group | Engineering and Construction | FKG isn't involved in the Carmichael project and has no intention of being involved in negotiations regarding work on the Adani Carmichael project. |
| General Electric (GE) | Industrial technology | "...GE is not involved, and has no plans to be involved, in the Adani Carmichael project." |
| Greyhound Australia | Transport (for construction) | "Following considered deliberation, and in the best interests of our staff, customers, and partners, Greyhound Australia has decided to not enter into a contractual agreement with BMD to service construction of the Carmichael Rail Network beyond our preliminary 31 March 2020 commitment.” |
| NRW Holdings | Civil / Mining | [Regarding commercial dispute over previous project]: "Clearly, we wouldn’t be taking those sort of risks in the future... An example of that might be an Adani." |
| Rockwell Automation | Industrial IT and software | "Rockwell Automation is not working with Adani on this project [Carmichael coal], and we will not be involved moving forward." |
| Spotless | Facilities Management | "Spotless is not a provider of facilities management services to Adani and has no intention of offering services for future opportunities." |
| Worley | Engineering | "We are not working on the Adani project and we have no intention to." |
These banks and financial service providers have either ruled out involvement or distanced themselves from all or part of the Adani Carmichael project.
| Company | What they have said |
|---|---|
| AMAL Trustees | "AMAL Trustees is not providing any services to Adani's coal infrastructure in Australia and has no plans to provide services in the future." |
| ANZ | "[ANZ's exposure to coalmining] is pretty small and trending down and I can’t see a time where we’d suddenly see that trend shift, to be honest” - Shayne Elliott, CEO |
| Bank of China | "[Bank of China] has not, and does not intend to, provide funding for the Adani Carmichael Mine project" |
| Bank of New York Mellon | “After review, BNY Mellon has decided to resign from all legacy transactions with Adani in Australia and will not pursue additional transactions with Adani in Australia. BNY Mellon has determined this business is not aligned with our ESG [environmental, social and governance] principles." |
| Barclays | "Barclays has no plans to participate in financing the Abbot Point development or its associated mine/rail infrastructure" |
| BNP Paribas | "BNP Paribas do not intend to be involved in the financing of the development of coal mines projects in the Galilee Basin in Australia, nor of related dedicated infrastructure projects" |
| China Construction Bank | "China Construction Bank is not involved with, nor considering involvement with, the Adani Carmichael Mine project... nor will they be considering involvement in the future.“ |
| China Merchants Banks | “China Merchants Bank is not, and does not intend to be involved in the Adani Carmichael Mine project.” |
| Citibank | "Citi is not involved and does not plan to be involved in any financing for the Abbot Point expansion" |
| CLSA | “CLSA does not intend to provide financial services for the Adani Carmichael mine and or the Adani Abbot Point coal port .“ |
| Commerzbank | “Commerzbank does not finance projects for new coal mines.” |
| Commonwealth Bank of Australia | "We are not amongst the banks who have been, or will be, asked to consider this financing" |
| Credit Agricole | "Due to the number and magnitude of issued linked to the planned coal development projects in the Galilee Basin, Credit Agricole SA does not intend to finance these projects or their associated facilities" |
| Credit Suisse | “Credit Suisse will not provide any form of financing that is specifically related to the development of a new greenfield thermal coal mine, or where the majority of the use of proceeds is intended for a new greenfield thermal coal mine.” |
| Dai Ichi Life | “Two leading banks in Japan — Nippon Life and Dai Ichi Life — refused to fund the [Adani Carmichael] project.” |
| DBS | "...the bank will also cease all project financing of greenfield thermal coal mines." |
| Deutsche Bank | “We are currently not involved with this project and will also not be involved with it in the future” |
| FIIG | "FIIG is not currently in (and does not intend to enter into) any discussions with any of these entities [Adani Mining and Abbot Point Coal Port] regarding the arranging or structuring of any future bond issues." |
| Goldman Sachs | "Specific to Abbot Point, we will not finance any project or initiate loans where the specified use of proceeds would significantly convert or degrade a critical natural habitat" |
| Guardian Life Insurance | "We sold our share in this bond offering [Adani Abbot Point Terminal bonds due 2021] in 2019 and do not plan to pursue future investments with Adani." |
| Hanwha Securities | "Hanwha Securities will not be providing any further financing for the terminal [Abbot Point coal port] or any of Adani’s coal projects..." |
| HSBC | "[HSBC] is extraordinarily unlikely to go anywhere near [Abbot Point]" "HSBC will no longer support new thermal coal mines" |
| Industrial and Commercial Bank of China | “ICBC has not been, and does not intend to be, engaged in arranging financing for this project.” |
| Industrial Bank of Korea | "... Industrial Bank of Korea will not participate not only in AAPT [Abbot Point coal port financing] but other projects that cause harm to Australia’s environment." |
| ING | "ING will not provide financial services that directly refer to... new thermal coal mining" |
| Investec | "In line with our commitment to climate change, Investec has not lent to the Carmichael coal project and can confirm we have no loan exposure to Adani Abbot Point Terminal (AAPT). We had a historic hedging facility with AAPT which will not be renewed." |
| JPMorgan Chase | "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” |
| J. Safra Sarasin Bank | A representative of J. Safra Sarasin confirmed that it had sold its $1 million of Adani Abbot Point Terminal bonds and that "when they are out, they are out", meaning they will refuse to purchase the bonds again. |
| KBC | “KBC [has stopped] financing new, coal-fired electricity generation, including coal mining.” |
| KIAMCO | "We deeply conform the responsibility of financial investors and have well understood the importance and concerns for the development of the Carmichael mine on the W&J’s ancestral lands. We, KDB Infrastructure Asset Management Co. Ltd., hereby confirm that we have no intention to participate by all means, financial or other support or services, in the development of the Carmichael mine." |
| Korea Development Bank | "Regarding the development and building of the Carmichael Coal Mine, Rail and Port Project in Australia proposed by Adani Mining Pty Ltd (“Project”), ... we are no longer reviewing it. We wish to express that we have no intent to provide finance for the Project." |
| Korea Export Import Bank | "Please be assured that Korea Eximbank does not have any intent to provide financial support to the Carmichael project, which includes the development of mine, rail and the port of Abbot point." |
| Korea Investment and Securities | "...we have decided to stop additional investments in coal and disclosed our decision in public. "We will not invest in any coal-related deal from now on." |
| Metrics | "Metrics Credit Partners have no exposure to Adani and, in accordance with Metrics ESG policy set out on our website, we do not lend or provide financial services to companies operating in the coal sector." |
| Mirae Asset Daewoo | "We have no intention to be involved in either any financing activities of Carmichael mine development or Abbot Point equity sale activities." |
| Morgan Stanley | "Morgan Stanley will not lend to or invest in the expansion of Abbot Point" |
| National Pension Service (Korea) | Asked: "Whether the National Pension Service has invested in any kind of equity, extended any kind of loan, purchased or transacted any kind of securities relating to the Australia Queensland Carmichael Mine, Abbot Point Port and rail project relating to the mine and port which is under development by Adani, or whether it has reviewed such type of financing?" Response: "none" |
| NAB | "NAB is not involved and has no plans to be involved in any financing for the Carmichael coal mine" |
| Natixis | "Natixis has committed itself to end its financing of coal-fired power plants and thermal coal mines worldwide. Natixis has also decided to no longer accept new advisory or arrangement mandates linked to financings of this type." |
| Nippon Life | “Two leading banks in Japan — Nippon Life and Dai Ichi Life — refused to fund the [Adani Carmichael] project.” |
| Perpetual | "We recognise the risks related to the project and we can confirm that in the event our trustee business, Perpetual Corporate Trust, was approached to act as trustee, we would not be in a position to provide these services." |
| PIMCO | PIMCO has stopped participating in the bond offerings of Adani Ports & Special Economic Zone Ltd. because of its links to a controversial coal project Australia - Bloomberg |
| Rabobank | "We will not directly finance the exploration, extraction or production of coal used for power generation" |
| Royal Bank of Scotland | “RBS is not involved in the Abbot Point expansion project and has no plans to be involved in the future” |
| Samsung | "Samsung Securities will commit that we will not be providing further financing for the Terminal and any of the Adani’s coal projects." "Samsung Asset Management India Mutual Fund had sold Adani Ports shares due to recent market noise and share price volatility related to Adani Group’s coal project therefore as of June 23, 2021 the fund no longer owns Adani Ports shares and has no plan to repurchase the shares. Overall, Samsung Asset Management clearly has no intention to support Adani's coal project..." |
| Santander | Prohibited activities: Any new thermal coal mine projects worldwide |
| SEB | “SEB will not enter into new business relations with companies with major business in coal mining” |
| Sequoia Economic Infrastructure Income Fund | "The following sub-sectors or asset types are excluded: ...Infrastructure related to mining thermal coal.” |
| SILC Group | “The SILC Group recognises that every corporate entity has a responsibility to its employees, clients and external stakeholders to ensure that it behaves responsibly in all aspects of its business. Our Environmental, Social and Governance (ESG) policy specifically outlines The SILC Group’s commitment to the environment and sustainable reduction of our corporate footprint. As such The SILC Group will not participate in the Adani project.” |
| Societe Generale | "Societe Generale is not currently involved, and does not plan to be involved in the coal mine and infrastructure projects associated with the Galilee Basin in Australia" (Translated) |
| Standard Chartered | "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" |
| US Bancorp | “[US Bancorp] does not provide project financing… for the development of new coal mines.“ |
| Valex Capital | "...we do not consider investing in AAPT [Adani Abbot Point Terminal] in the future. We are pursuing a sustainability strategy and have removed all investments in AAPT long ago." |
| Westpac | “We will limit lending to any new thermal coal mines or projects (including those of existing customers) to only existing coal producing basins and where the calorific value for that mine ranks in at least the top 15% globally" |
| Yuanta Securities Investment Trust | "We have noticed this issue and already liquidated all bonds related to AAPT [Adani Abbot Point Terminal]...we are always dedicated to avoiding investing this kind of target." |
These coal haulage companies have either ruled out involvement or distanced themselves from all or part of the Adani Carmichael project.
| Company | Sector | What they have said |
|---|---|---|
| Genesee and Wyoming Australia | Rail freight | “Genesee & Wyoming Australia (GWA)...[has] previously been approached to service the Adani Carmichael project and decided not to participate.” |
Take action! Let the exposed investors and financiers know that their support for Adani supports Carmichael coal.