15 September 2021 The federal Environment Minister has just signed-off approval for Whitehaven’s climate-wrecking Vickery coal mine. But Whitehaven still needs to find enough money to match the mine’s $600 million price-tag. Despite stating their support for the Paris Agreement, NAB and Westpac loaned a combined $220 million to Whitehaven … Read More
NAB to ‘measure itself against’ IEA’s Net Zero by 2050 scenario
10 September 2021 NAB’s key executives appeared yesterday at the Australian Parliament’s Standing Committee on Economics, and addressed the review of the bank’s oil and gas policy—due for release “in the coming months”. While the bank had previously stated it’s “taking into account” the conclusions of the International Energy Agency’s … Read More
Deutsche Bank, JP Morgan and Standard Chartered break promise and loan US$1 billion to Adani coal miner
19 August 2021 Financial news sources have confirmed that JP Morgan, Standard Chartered and Deutsche Bank all participated in a massive US$1 billion loan to Adani Enterprises, the Adani Group company building the climate-wrecking Carmichael thermal coal project in Australia. The transaction was completed on 21 July. The money went … Read More
State Bank of India still considering loan to “fully funded” Adani coal project
5 August 2021 In November 2020, Indian media reported that the State Bank of India (SBI) was considering a A$1 billion loan for Adani’s Carmichael thermal coal project. People all over the world took immediate action, leading to international news headlines and a string of the globe’s biggest investors speaking … Read More
Adani is doubling down on coal, investors and bond arrangers must act
30 July 2021 In mid-July Adani Electricity Mumbai issued US$300m worth of “sustainability-linked” bonds – a form of general corporate finance which carry no obligation to be directed towards sustainable projects and can be issued by any company willing to report on certain “sustainable” key performance indicators (KPIs). These KPIs … Read More
Adani’s dishonest attempt to cool coal-to-plastics controversy debunked
26 July 2021 Recently, the news of Adani’s next toxic venture – a coal-to-PVC plant – broke in the media. According to Adani’s own submission to the Indian Government, the plant will use 3.1 million tonnes of coal per year to make PVC plastic with the coal imported from “Australia, … Read More
ASIC investigation requested into New Hope statements
21 July 2021 Australian coal company New Hope has a track-record of dodging questions about the material financial risks to its business from climate change. That’s why this week EDO Australia, on behalf of Market Forces, wrote to the Australian Securities and Investments Commission (ASIC) requesting an investigation into potentially … Read More
Are Deutsche Bank, Barclays, JP Morgan and Standard Chartered about to fund coal miner Adani Enterprises?
13 July 2021 Media reports from last week have named Deutsche Bank, JP Morgan, Standard Chartered and Barclays as the banks in discussion with Adani to provide US$1 billion to Adani Airport Holdings Ltd to refinance its debt. Adani Airport Holdings is owned by Adani Enterprises, the same Adani Group … Read More
Adani wants children to solve global warming while it makes things worse
12 July 2021 Today, Market Forces has published a compilation of Adani Group’s many massive fossil fuel expansion plans. See it here. These plans include: Doubling its coal-fired power capacity by 12 gigawatts (GW) to 24 GW, giving it more coal power capacity than all of Australia. Owning, developing or … Read More
Hamilton Insurance one of the last at Lloyd’s willing to insure the Adani Carmichael coal project.
6 July 2021 Adani’s insurance options in the Lloyd’s marketplace are rapidly shrinking. Since the beginning of the year, all the top 10 biggest Lloyd’s syndicates have ruled out any support for the Adani Carmichael coal project. In total, 38 major insurance companies have now publicly ruled out providing insurance … Read More