23 August 2019
Over 55 major corporations, from banking and insurance to engineering and construction, have ruled out working on the disastrous Adani Carmichael coal project.
One of these companies is HSBC. Back in 2016 HSBC announced it would no longer finance new thermal coal mines. However, it was revealed in The Guardian that HSBC is providing Adani’s engineers GHD with finance for its Australian operations. (1)
The Australian-headquartered multinational engineering firm GHD has worked for Adani since at least 2013 and has a shamefully long history of helping advance its climate-wrecking plans. GHD’s most recent annual financial statement shows a line of credit from HSBC meaning that, despite the bank’s policy, it is exposed to Adani’s Carmichael coal mine. (2)
GHD refuses to speak publicly about its work for Adani, but information from various sources has confirmed GHD is currently working on both the Carmichael mine itself and the railway line that will enable the coal to be exported. HSBC needs to ensure that customers, shareholders and the wider community have confidence in its policies. The only way to do this is to stop providing credit to GHD until it stops its work on the destructive Carmichael coal project.
(1) 'Global engineering firm Aurecon cuts ties with Adani amid pressure from activists', The Guardian, 21 Aug 2019
(2) GHD Group Pty Ltd, Consolidated Financial Report, 2018: “The Group holds Multi-Option Multi-Currency facilities with Westpac Banking Corporation Limited in Australia, with the HSBC Group in Australia, USA, United Kingdom and Canada.” (p.37)