Adani’s plans to dig up hundreds of millions of tonnes of dirty Galilee Basin coal are gargantuan, requiring input from a range of project partners. And every company that helps this nightmare become a reality would be partly responsible for the environmental and climate devastation the Carmichael project stands to inflict.

High risk companies, which have known links with Adani or the Carmichael project, are featured below. Hover over or tap on the company logos to learn how each is connected, and click to take action. Further down the page is a more comprehensive list of companies that may be involved, broken down by sector.


These companies have known links with Adani 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, QIC, State Bank of India, while the other high risk companies can all be emailed from the one form.

Finance / Insurance
Rothschild scribble logo
Engineering and construction
Pacific NationalGHD logo


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 covered by this generic action, but if you have time, please click the logos above to take specific actions for those companies.


CompanySectorWhat they have said
AECOMRailway"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.
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
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."
Bank of ChinaFinance"[Bank of China] has not, and does not intend to, provide funding for the Adani Carmichael Mine project"
BarclaysFinance"Barclays has no plans to participate in financing the Abbot Point development or its associated mine/rail infrastructure"
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"
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.”
CitibankFinance"Citi is not involved and does not plan to be involved in any financing for the Abbot Point expansion"
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"
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.”
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."
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"
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.”
INGFinance"ING will not provide financial services that directly refer to... new thermal coal mining"
JPMorgan 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."
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"
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"
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"
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."
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."
RabobankFinance"We will not directly finance the exploration, extraction or production of coal used for power generation"
Royal Bank of ScotlandFinance“RBS is not involved in the Abbot Point expansion project and has no plans to be involved in the future”
SantanderFinanceProhibited activities: Any new thermal coal mine projects worldwide
SCOR*InsuranceSCOR will no longer “issue insurance or facultative reinsurance that would specifically encourage new greenfield thermal coal mines"
SEBFinance“SEB will not enter into new business relations with companies
with major business in coal mining”
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)
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"
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.
US BancorpFinance“[US Bancorp] does not provide project financing… for the development of new coal mines.“
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"
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."

* We don’t know if these companies have ever insured coal projects in Australia previously


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.