4 March 2021 Last night, after announcing a new environment/social/governance (ESG) exclusion policy that rules out underwriting and investing in thermal coal, Arctic oil and gas exploration and tar sands, major insurance company Hiscox told Market Forces that they “have no interest in coal mines like Adani’s and this [ESG] … Read More
Adani loses another major piece in its insurance puzzle.
25 February 2021 Another Lloyd’s insurer that is currently providing cover for the Adani Carmichael project has committed to not renewing or taking on any new policies with the destructive coal project. In a victory for the #StopAdani movement, Brit, one of Lloyd’s biggest insurers, has committed to not renew … Read More
QBE kicks climate can down the road & keeps supporting oil and gas expansions despite massive loss
19 February 2021 Together with the announcement of a massive A$2b loss due in part to ever-worsening extreme weather, fuelled by the burning of oil and gas, QBE’s updated Environmental and Social Risk Framework, released today, includes oil and gas targets which ignore the urgency of the climate crisis and … Read More
Siemens failing credibility test as Adani under investigation for more enviro conditions breaches
12 February 2020 At its AGM last year, while under fire from major investors like Union Investment and Blackrock, (now former) Siemens CEO Joe Kaeser tried to justify its reputation-destroying work for the Adani Carmichael coal project by saying that Siemens had: “secured the right to pull out of the … Read More
Dirty money – political donations from the fossil fuel industry
1 February 2021 Prime Minister Scott Morrison was denied a speaking slot at the UN’s 2020 Climate Ambition Summit, and for good reason: Australia’s climate policy is one of the worst, and the rest of the world knows it. Far from being a wake-up call, just weeks ago the Federal … Read More
Barclays and HSBC at risk of losing three million customers over continued investment in fossil fuels
29 January 2021 As climate change continues apace with 2020 one of the hottest years on record, a survey of consumers who bank with Barclays and HSBC shows that these banks risk losing up to three million customers due to financing fossil fuels. The online survey, carried out by ICM … Read More
Deutsche Bank refuses Adani Ports financing
29 January 2021 Media reports indicate that the world’s 7th largest (in 2020) bookrunner for bonds, Deutsche Bank, has been blocked by its Sustainability Committee from participating in Adani Ports’ latest bond issue. “Port-related environmental concerns which are in conflict with sustainability goals of the bank” was reported (paywalled) as … Read More
Barclays and Standard Chartered support Adani coal
28 January 2021 Adani Ports, the company developing essential coal haulage infrastructure for Adani’s Carmichael coal project, this week issued US$500 million in bonds to find more investors like Allianz/PIMCO and HSBC, which are already heavily invested in the company. Barclays and Standard Chartered are in the list of bankers … Read More
HSBC, Citi, JP Morgan, Standard Chartered undermining their statements on Carmichael by raising funds for SBI
8th January 2021 Reports indicate that the State Bank of India (SBI) is issuing a US$600 million bond next week, with HSBC, Citi, JP Morgan and Standard Chartered listed as managers leading the deal. SBI may be about to lend AU$1billion to the Carmichael coal project, which means these banks … Read More
Backlash to State Bank of India’s potential Adani coal loan spreads through finance sector
22 December 2020 The State Bank of India (SBI) is facing a growing backlash from finance sector firms, after news broke last month that it is seriously considering a A$1 billion loan to the controversial and destructive Adani Carmichael coal project. SBI’s potential support for a new thermal coal mine … Read More