1 October 2021 Financial news source Debtwire reported last week that Deutsche Bank is preparing to raise funds for Whitehaven Coal’s climate-wrecking coal business. Specifically, Debtwire reports that Deutsche Bank organised a “non-deal roadshow” event this week, and intends to act as a bookrunner for any bond issue that emerges … Read More
Japan threatens communities and climate by backing Indramayu and Matarbari coal power projects
UPDATE: June 2022 On 22 June 2022, in a major victory for climate action and years of opposition by a global movement, Japan announced an end to funding of Matarbari Phase 2 coal power plant in Bangladesh. Following the announcement, the Bangladesh Government confirmed that it had cancelled plans to … Read More
China coal shift a body blow to Australian coal
22 September 2021 Overnight, Chinese President Xi Jinping announced to the United Nations General Assembly that China “will not build new coal-fired power projects abroad”. The statement follows similar announcements made earlier this year by Japan and South Korea. Since 2013, 65% of global public finance for coal power stations … Read More
NAB and Westpac: Stop funding Whitehaven Coal!
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
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
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
Sustainalytics rates Adani Ports, a company mired in controversies, as “low risk”
1 July 2021 Global investors rely on their ability to manage and avoid risk, and increasingly that risk is being framed in terms of investment exposure to environment, social and governance (ESG) issues. Alongside an increasing appetite to invest in companies, projects and indices with high ESG values, is the … Read More
Adani’s coal port failing to refinance debt, again
7th May 2021 Ratings agency reporting has revealed that Adani’s Abbot Point coal port (recently rebranded to North Queensland Export Terminal – NQXT) has so far failed to secure external financing to repay a US$140 million debt due in September this year. Instead, the debt-ridden port, located in the Great … Read More
S&P is reviewing Adani Ports’ inclusion on coveted Dow Jones Sustainability Index
19 March 2021 Within hours of receiving a letter from 37 groups calling on S&P Global to review Adani Ports’ inclusion on its Dow Jones Sustainability Index (DJSI), the ratings agency giant has confirmed it will conduct a formal review. S&P wrote to Market Forces on 18 March with the … Read More
Coal and coup; urgent review of Adani’s inclusion on Dow Jones Sustainability Index demanded
18 March 2021 UPDATE: (19/03/21) Market Forces has received confirmation that S&P Global will conduct a review into Adani Ports’ status in its Dow Jones Sustainability Index. We call on S&P to take the evidence we have presented seriously and to ensure that any company involved in a massive thermal … Read More