Companies that could make or break the Carmichael Coal Project

Adani’s Carmichael coal and rail project will trash First Nations land rights, drain critical water resources from drought stricken regions, risk our already distressed Great Barrier Reef and fuel runaway global warming that threatens all our lives and livelihoods. 

However, Adani’s plans require input from many project partners in the finance, insurance, engineering/construction and coal haulage areas.

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 over 100 major companies have already ruled out working with Adani. But we need to keep the pressure up because dozens of companies are still working with Adani or risk future exposure. 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.

Take action below to demand companies commit to ending their association with the climate-wrecking Carmichael project, and scroll down to get more information on the four key areas where Adani needs corporate support - finance, insurance, engineering/construction and coal haulage.


Which companies have already ruled out working on Adani Carmichael?

1. Insurance

All major projects require underwriting insurance for public liability, plant and equipment damage and workers compensation, among other things.

It is very likely that Adani still hasn’t locked in the major insurance deals it needs to construct the mine and rail line, and without insurance it cannot undertake the work.

So far, we have convinced over 35 global insurers, including some major players in the resources and energy sectors, to publicly rule out insuring any part of the Adani Carmichael project.

Tell the insurers which haven't ruled out Adani that they must say no!

2. Construction

Adani can’t build its climate wrecking coal mine and rail line by itself. It need specialised companies to help it, including engineering design firms and construction contractors.

We are tracking the companies that are currently helping Adani trash first nations land rights, drain critical water resources from drought stricken regions, risk our already distressed Great Barrier Reef and fuel runaway global warming that threatens all our lives and livelihoods.

Find out which companies are working with Adani and take action

3. Finance

Over forty banks have ruled out lending to the Adani Carmichael project. Despite admitting the project will by financed by the Adani Group, the conglomerate is still looking for funds to build the coal mine and rail line.

Tell Adani's investors to cut ties with the company, to ensure they are not funding the Carmichael project

Find out which banks and other creditors are involved with Abbot Point coal port

4. Coal Haulage

There were only three companies in Australia that were equipped to haul Adani’s coal and Adani didn't reach a haulage agreement with any of them. 

Adani has been forced to set up its own coal haulage company, owned by Adani Ports. Adani Ports' investors and bankers are now at risk of funding the Carmichael coal project.

Find out more and take action

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.

CompanySectorWhat they have said
AECOMEngineering"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 GallagherInsurance"Gallagher does not and has no intention of providing insurance broking services to the Adani Carmichael coal mine."
AllianzInsurance"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 WorldInsurance"We do not insure the mine, rail or port projects and have no plans to do so in the future."
AMAL TrusteesFinance"AMAL Trustees is not providing any services to Adani's coal infrastructure in Australia and has no plans to provide services in the future."
ANZFinance"[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 UnderwritingInsurance"...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 GroupInsurance"Arch Capital Group Ltd. confirms that it has not and will not issue any insurance policies covering the Adani Carmichael coal mine."
Argo LimitedInsurance"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 GroupInsurance"Ascot will not be renewing coverage for the [Carmichael coal] project when the current contract expires in September."
Aspen InsuranceInsurance"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.
AstaInsurance"I [the CEO] am not aware of any current or intended association [with the Adani Carmichael project]."
AureconEngineering 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."
AXAInsurance"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 CapitalInsurance"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 ChinaFinance"[Bank of China] has not, and does not intend to, provide funding for the Adani Carmichael Mine project"
Bank of New York MellonFinance“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."
BarclaysFinance"Barclays has no plans to participate in financing the Abbot Point development or its associated mine/rail infrastructure"
BeazleyInsurance“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 ParibasFinance"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"
BritInsurance“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.“
CanopiusInsurance“Canopius is not involved in any negotiations to provide insurance coverage for the Adani mine project.”
CardnoEngineering"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 BankFinance"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 BanksFinance“China Merchants Bank is not, and does not intend to be involved in the Adani Carmichael Mine project.”
Cincinnati GlobalInsurance"...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."
CitibankFinance"Citi is not involved and does not plan to be involved in any financing for the Abbot Point expansion"
CLSAFinance“CLSA does not intend to provide financial services for the Adani Carmichael mine and or the Adani Abbot Point coal port .“
CNA HardyInsurance"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."
CommerzbankFinance“Commerzbank does not finance projects for new coal mines.”
Commonwealth Bank of AustraliaFinance"We are not amongst the banks who have been, or will be, asked to consider this financing"
Conduit ReInsurance"Conduit Re does not insure the Adani Carmichael Mining project and has no intention of doing so in the future"
Convex InsuranceInsurance"We will not insure the construction or operation of any new thermal coal mine and/or its dedicated infrastructure."
Credit AgricoleFinance"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 SuisseFinance“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 LifeFinance“Two leading banks in Japan — Nippon Life and Dai Ichi Life — refused to fund the [Adani Carmichael] project.”
DBSFinance"...the bank will also cease all project financing of greenfield thermal coal mines."
Deutsche BankFinance“We are currently not involved with this project and will also not be involved with it in the future”
Downer EDIMining"Adani and Downer have mutually agreed to cancel all Letters of Award relating to the mine services and the related infrastructure."
ERS InsuranceInsurance"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."
FidelisInsurance"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."
FIIGFinance"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 GroupEngineering and ConstructionFKG isn't involved in the Carmichael project and has no intention of being involved in negotiations regarding work on the Adani Carmichael project.
FM GlobalInsurance“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."
GeneraliInsurance"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 AustraliaRail freight“Genesee & Wyoming Australia (GWA)...[has] previously been approached to service the Adani Carmichael project and decided not to participate.”
Goldman SachsFinance"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 AustraliaTransport (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 InsuranceFinance"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 SecuritiesFinance"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 GroupInsurance"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."
HiscoxInsurance"We have no interest in coal mines like Adani’s and this [coal] policy makes that clear”
HSBCFinance"[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 KoreaFinance"... 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."
INGFinance"ING will not provide financial services that directly refer to... new thermal coal mining"
InvestecFinance"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 BankFinanceA 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 ChaseFinance"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”
KBCFinance“KBC [has stopped] financing new, coal-fired electricity generation, including coal mining.”
KIAMCOFinance"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 BankFinance"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 BankFinance"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 SecuritiesFinance"...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 GroupInsurance"The Group does not have an appetite for underwriting direct insurance exposure for the Adani Carmichael project."
Liberty MutualInsurance"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. ”
MAPFREInsurance"MAPFRE will...cease to insure the construction of new coal-fired electricity plants or coal mines."
MetricsFinance"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 DaewooFinance"We have no intention to be involved in either any financing activities of Carmichael mine development or Abbot Point equity sale activities."
Morgan StanleyFinance"Morgan Stanley will not lend to or invest in the expansion of Abbot Point"
MS AmlinInsurance"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 ReInsuranceMunich Re plans to stop offering insurance for new coal-fired power plants and mines in industrialised countries.
NABFinance"NAB is not involved and has no plans to be involved in any financing for the Carmichael coal mine"
National Pension Service (Korea)FinanceAsked: "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"
NatixisFinance"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)InsuranceIn 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 GroupInsurance"Newline Syndicate 1218 does not insure the Adani Carmichael coal project and does not intend to do so."
Nippon LifeFinance“Two leading banks in Japan — Nippon Life and Dai Ichi Life — refused to fund the [Adani Carmichael] project.”
NRW HoldingsCivil / 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."
PartnerReInsurance"We would not consider participating" [in re/insurance for the Adani Carmichael coal project]
People's Insurance Company of China (PICC)InsuranceMedia reports regarding communication from the Chinese embassy in Australia indicate that PICC and all major Chinese insurance companies, will refuse to insure Adani Carmichael.
PerpetualFinance"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."
PIMCOFinancePIMCO 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
QBEInsurance"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."
RabobankFinance"We will not directly finance the exploration, extraction or production of coal used for power generation"
Rockwell AutomationIndustrial 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 ScotlandFinance“RBS is not involved in the Abbot Point expansion project and has no plans to be involved in the future”
RSA Insurance GroupInsurance"Our underwriters follow our Climate Change and Low Carbon Policy, which means we would not provide cover to the Adani Carmichael thermal coal project."
SamsungFinance"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..."
SantanderFinanceProhibited activities: Any new thermal coal mine projects worldwide
SCOR (including The Channel Syndicate at Lloyd's of London)InsuranceSCOR 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."
SEBFinance“SEB will not enter into new business relations with companies
with major business in coal mining”
Sequoia Economic Infrastructure Income FundFinance"The following sub-sectors or asset types are excluded: ...Infrastructure related to mining thermal coal.”
SILC GroupFinance“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 GroupInsurance"Sirius Group does not insure the Adani coal mine project nor do we have any plans to do so."
Societe GeneraleFinance"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)
SpotlessFacilities Management"Spotless is not a provider of facilities management services to Adani and has no intention of offering services for future opportunities."
Standard CharteredFinance"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"
SuncorpInsurance"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 ReInsuranceSwiss 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 MarineInsuranceTokio 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."
TravelersInsurance"Travelers does not insure, and has no plans to insure, the Adani Carmichael mine project."
US BancorpFinance“[US Bancorp] does not provide project financing… for the development of new coal mines.“
Valex CapitalFinance"...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."
WestpacFinance“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"
WorleyEngineering"We are not working on the Adani project and we have no intention to."
Yuanta Securities Investment TrustFinance"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."
ZurichInsurance"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."