THE ADANI LIST
COMPANIES THAT COULD MAKE OR BREAK THE CARMICHAEL COAL PROJECT
Adani’s plans to dig up hundreds of millions of tonnes of dirty Galilee Basin coal are gargantuan, requiring input from many project partners. And every company that helps this nightmare become a reality would be partly responsible for the environmental and climate destruction the Carmichael project stands to inflict.
COMPANIES ALREADY WORKING WITH ADANI
These companies have known links with Adani and/or the Carmichael project. Hover over or tap on the company logos to learn how they are connected, and click to take action.
There are company-specific actions for AMP and State Bank of India, while the other high risk companies can all be emailed from the one form below.
AT RISK COMPANIES
This is a more comprehensive list of companies at risk of becoming involved in the Adani Carmichael project, broken down by sector. Hover or tap on the company names to learn how they are connected. Use the green form below to ask ‘at risk’ companies to rule out working with Adani. The companies already connected to Adani are also covered by this generic action.
|Company||Sector||What they have said|
|AECOM||Railway||"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.|
|Allianz||Insurance||"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."|
|ANZ||Finance||"[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
|AXA*||Insurance||"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."
|Bank of China||Finance||"[Bank of China] has not, and does not intend to, provide funding for the Adani Carmichael Mine project"|
|Barclays||Finance||"Barclays has no plans to participate in financing the Abbot Point development or its associated mine/rail infrastructure"|
|BNP Paribas||Finance||"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"|
|China Construction Bank||Finance||"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 Banks||Finance||“China Merchants Bank is not, and does not intend to be involved in the Adani Carmichael Mine project.”|
|Citibank||Finance||"Citi is not involved and does not plan to be involved in any financing for the Abbot Point expansion"|
|Commerzbank||Finance||“Commerzbank does not finance projects for new coal mines.”|
|Commonwealth Bank of Australia||Finance||"We are not amongst the banks who have been, or will be, asked to consider this financing"|
|Credit Agricole||Finance||"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 Suisse||Finance||“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 Life||Finance||“Two leading banks in Japan — Nippon Life and Dai Ichi Life — refused to fund the [Adani Carmichael] project.”|
|Deutsche Bank||Finance||“We are currently not involved with this project and will also not be involved with it in the future”|
|Downer EDI||Mining||"Adani and Downer have mutually agreed to cancel all Letters of Award relating to the mine services and the related infrastructure."|
|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."|
|FM Global||Insurance||“FM Global is not involved, nor intends to become involved, with Adani’s Carmichael Coal Mine/Rail Project.”|
|Generali||Insurance||"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"
|Goldman Sachs||Finance||"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"|
|Hannover Re||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."|
|HDI Global (Talanx Group)||Insurance||"...Talanx Group will in principle no longer write any risks associated with planned new coal-fired power plants and coal mines."|
|HSBC||Finance||"[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.”|
|ING||Finance||"ING will not provide financial services that directly refer to... new thermal coal mining"|
|JPMorgan Chase||Finance||"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”
|KBC||Finance||“KBC [has stopped] financing new, coal-fired electricity generation, including coal mining.”|
|KIAMCO||Finance||"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 Bank||Finance||"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 Bank||Finance||"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."|
|MAPFRE||Insurance||"MAPFRE will...cease to insure the construction of new coal-fired electricity plants or coal mines."|
|Mirae Asset Daewoo||Finance||"We have no intention to be involved in either any financing activities of Carmichael mine development or Abbot Point equity sale activities."|
|Morgan Stanley||Finance||"Morgan Stanley will not lend to or invest in the expansion of Abbot Point"|
|National Pension Service (Korea)||Finance||Asked: "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?"
|Munich Re||Insurance||Munich Re plans to stop offering insurance for new coal-fired power plants and mines in industrialised countries.|
|NAB||Finance||"NAB is not involved and has no plans to be involved in any financing for the Carmichael coal mine"|
|Natixis||Finance||"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."|
|Nippon Life||Finance||“Two leading banks in Japan — Nippon Life and Dai Ichi Life — refused to fund the [Adani Carmichael] project.”|
|NRW Holdings||Civil / 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."|
|QBE||Insurance||"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."|
|Rabobank||Finance||"We will not directly finance the exploration, extraction or production of coal used for power generation"|
|Royal Bank of Scotland||Finance||“RBS is not involved in the Abbot Point expansion project and has no plans to be involved in the future”|
|Santander||Finance||Prohibited activities: Any new thermal coal mine projects worldwide|
|SCOR*||Insurance||SCOR 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."
|SEB||Finance||“SEB will not enter into new business relations with companies
with major business in coal mining”
|Societe Generale||Finance||"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)|
|Standard Chartered||Finance||"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"
|Suncorp||Insurance||"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 Re||Insurance||Swiss 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.|
|US Bancorp||Finance||“[US Bancorp] does not provide project financing… for the development of new coal mines.“|
|Westpac||Finance||“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"|
|Zurich||Insurance||"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."|
* We don’t know if these companies have ever insured coal projects in Australia previously
SUPPORT OUR WORK
Market Forces relies on the donations of our generous supporters to continue our fight to get money out of dirty fossil fuel projects.
If you are able to support our work by becoming a donor, please click the button. You can also request a call to donate over the phone.