ADANI COAL INVESTORS EXPOSED 

Banks and investors are supporting Adani coal

The Adani Group’s Australian coal operations, including the controversial Carmichael thermal coal project, are owned by a complex structure of companies. This complexity, combined with varied entity titles and major rebrandings in 2020 which removed the word “Adani” from entity names means that financiers are increasingly at risk of supporting the Carmichael coal project via indirect and inadvertent means. 

The diagram below offers a summary of the corporate structure of Adani’s Australian coal operations  – and some of its major financiers. The refusal of banks to fund the Carmichael project meant that Adani was forced to “self-fund” the mine and rail line. However, the parent companies Adani Ports and Special Economic Zone (Adani Ports), Atulya Resources (via subsidiary NQXT/Abbot Point port) and Adani Enterprises continue to attract investment from some of the world’s biggest financiers and banks. 

Many of the investors and bankers identified have ruled out supporting the Carmichael project or made commitments/statements on climate change (see table below). Their exposure to these companies, while the Adani Group continues to pursue the Carmichael carbon-bomb, means that these financiers are undermining their commitments by supporting the Carmichael coal project. 

These financiers have been made aware of their exposure to the Carmichael mine, yet so far have refused to cut ties with the Adani Group subsidiaries that are supporting the expansion of Adani’s toxic coal project. It’s time these bankers and investors use their power to help stop the destructive and globally controversial project, by telling Adani Group’s executives to stop building the mine or they will turn their backs on the Adani Group. 

Contact the financiers now.

TAKE ACTION

Let the exposed investors and financiers know that their support for Adani supports Carmichael coal


For a more complete list of investors in the Adani Group subsidiaries directly linked to the Carmichael coal project click on the tabs below the main table. Bondholder and shareholder data from publicly available sources as of June 2021.

These financiers are exposed to Adani coal

Major Adani company investors and bond arrangers

FinancierConnection to AdaniCompany statements undermined by exposure to Adani
BarclaysBond arranger for Adani Ports since 2017, co-arranging six deals worth over US$3.5 billion "Barclays has no plans to participate in financing the Abbot Point development or its associated mine/rail infrastructure"
BlackRockBondholder and shareholder in Adani Ports. Bondholder in Atulya Resources’ subsidiary NQXT (Abbot Point). Shareholder in Adani Enterprises. CEO Condemned Siemens for its willingness to work on Adani’s Carmichael mine saying “it is clear that it [Siemens] requires a more thorough review of the potential risks, including ESG risks, presented by future projects.”

BlackRock was also reported to have raised concerns about the State Bank of India’s potential loan to Adani.

January 2020 “we are in the process of removing from our discretionary active investment portfolios the public securities (both debt and equity) of companies that generate more than 25% of their revenues from thermal coal production”
Citi GroupBond arranger for Adani Ports"Citi is not involved and does not plan to be involved in any financing for the Abbot Point expansion"

July 2020: “Citi will not provide project-related financial services for… New thermal coal mines or significant expansion of existing mines”
Credit SuisseShareholder and bondholder in Adani Ports. Bond arranger for two Adani Ports deals worth over US$1 billion. The bank did not participate in Adani Ports’ latest bond issue in January 2021 but will not explain why. 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.”

“Credit Suisse will not provide any form of lending or capital markets underwriting to any company that presently does or, as a consequence of a potential mandate under review, would derive more than 25% of its revenue from thermal coal extraction.”
Deutsche BankPreviously a bond arranger for Adani Ports, but backed out of the most recent bond issue reportedly due to environmental concerns.

Bondholder in Adani Ports.
“We are currently not involved with this project [Abbot Point port] and will also not be involved with it in the future”

July 2020: “We will not provide any financing for greenfield thermal coal mining; We will not finance new greenfield coal-related infrastructure, regardless if related to new or existing mines” 

August 2020: “we pledged ourselves to end our global business activities in coal mining by 2025”

“Port-related environmental concerns which are in conflict with sustainability goals of the bank” was reported (paywalled) as Deutsche Bank’s reason for withdrawing from Adani Ports’ bond issue in January 2021.
HSBCBondholder and shareholder in Adani Ports. Shareholder in Adani Enterprises.

Bond arranger for the State Bank of India which has failed to rule out a AU$1 billion loan to the Carmichael mine
"[HSBC] is extraordinarily unlikely to go anywhere near [Abbot Point]"
"HSBC will no longer support new thermal coal mines"


“Global Businesses must not provide financial services for: New thermal coal mines or new customers dependent on thermal coal mining.”
JP Morgan Bond co-arranger for five Adani Ports deals worth over US$2.5 billion. Bondholder in Adani Ports and Atulya Resources’ subsidiary Abbot Point."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”
MUFGBond arranger for five Adani Ports deals worth over US$3 billion. Shareholder in Adani Ports.we regard initiatives to counter “global warming and climate change” as one such [priority] environmental and social issue.
Standard CharteredBond arranger for Adani Ports since 2017, co-arranging six deals worth over US$3.5 billion "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"
The State Bank of India Shareholder in Adani Ports and Adani Enterprises. Currently considering lending AU $1billion to Adani's coal project despite Adani saying it doesn't need itSBI recently formed part of a 100 million Euro climate initiative fund.

“Human actions, including deforestation, encroachment on wildlife habitats, intensified agriculture, and acceleration of climate change, have pushed nature beyond its limit. It's time for a change!
Adani Ports and Special Economic Zone investors

 

Company 

Investment in Adani Ports

Company statements undermined by  exposure to Adani

Aviva PLC, Aviva Life insurance

Bondholder

Aviva said Carmichael could become a “stranded asset” and was “the antithesis of what was needed”.

Axis Asset Management

Shareholder

“AXIS it will not make new investments in companies that generate 30% or more of their revenues from thermal coal mining, or that generate 30% or more of their power from thermal coal…

AXIS will not provide new insurance or facultative reinsurance for the construction of new thermal coal plants or mines and their dedicated infrastructure”

Credit Agricole

Shareholder

“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”

Goldman Sachs Investment Inc

Shareholder

“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”

Invesco

Bondholder 

Invesco believes the issues of climate change should be top of the agenda for us as a society and for our clients. 

J Safra Sarasin

Bondholder

A 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.

Lord Abbett and Co 

Major bondholder 

Our ESG efforts to secure a sustainable future are guided by the principles of the United Nations 2030 Agenda for Sustainable Development, including those addressing climate change”

ManuLife

Major bondholder and a shareholder 

we are taking steps to reduce our environmental footprint, support the transition to a lower carbon economy, and invest in climate change mitigation and resilience.”

Massachusetts Mutual life insurance

Major bondholder

Net Zero investments by 2050 pledge

MetLife

Major bondholder 

“no new investments in miners or utilities deriving 25% or more of their revenue from thermal coal.” 

Mirae Asset Global Investments

Shareholder

“We have no intention to be involved in either any financing activities of Carmichael mine development or Abbot Point equity sale activities.”

Nomura Holdings Inc

Shareholder

Announced it would stop providing finance for new thermal coal mining in developed markets

Norges BIM

Shareholder

NorgesBIM has set exclusions on lending to thermal coal 

State Street Corp

Shareholder and bondholder in Adani Ports. 

State Street has set exclusions against investing in Adani Ports via ESG labelled indices, therefore it is aware of Adani Ports’ actions. 

Storebrand AM

Shareholder

Spoke out against SBI loan to Adani saying “Financing new coal plants is clearly not part of a sustainable future” 

Sumitomo Mitsui Financial Group

Shareholder

Announced exit from coal-fired power plant business by the latter half of 2040

TIAA/Nuveen

Major bondholder and a shareholder 

climate change has arisen as a leading health and economic challenge of our time.” 

UBS AG

Bondholder

Tightened its financing criteria for those involved in coal-fired power generation and mining in 2021

Vanguard Group

Shareholder and bondholder in Adani Ports. 

“The goals set forth in the Paris Agreement have become a widely accepted standard for countries and companies aiming to address climate change. Where climate change is a material risk, Vanguard encourages companies to set targets that align with these goals and to disclose them.”

 

Atulya Resources' Abbot Point investors
Company  Bondholders in Atulya Resources’ subsidiary Abbot Point coal port (Atulya is a Cayman Island-based private Adani family-owned company) Company statements undermined by  exposure to Adani
Invesco Bondholder Invesco believes the issues of climate change should be top of the agenda for us as a society and for our clients. 
J Safra Sarasin Investments Bondholder A 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. 
Massachusetts Mutual life insurance Major bondholder  Net Zero investments by 2050 pledge
State Street Corp Bondholder in  Atulya Resources’ subsidiary Abbot Point.  State Street has set exclusions against investing in Adani Ports via ESG labelled indices, therefore it is aware of Adani Ports’ actions. 
UBS Bondholder Tightened its financing criteria for those involved in coal-fired power generation and mining in 2021
Adani Enterprises investors

Company 

Adani Enterprises shareholders (no bondholders available)

Company statements undermined by exposure to Adani

Goldman Sachs Group Inc

Shareholder

“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”

Invesco

Shareholder

Invesco believes the issues of climate change should be top of the agenda for us as a society and for our clients. 

ManuLife

Shareholder 

we are taking steps to reduce our environmental footprint, support the transition to a lower carbon economy, and invest in climate change mitigation and resilience.”

Mercer Global Investments Management

Shareholder

“climate change risk is not only the biggest issue facing investors, it’s also a fiduciary responsibility that needs to be addressed now, not later.”

Mirae Asset Daewoo Investments Co

Shareholder

“We have no intention to be involved in either any financing activities of Carmichael mine development or Abbot Point equity sale activities.”

Nomura Holdings Inc

Shareholder

Announced it would stop providing finance for new thermal coal mining in developed markets

State Street Corp

Shareholder 

State Street has set exclusions against investing in Adani Ports via ESG labelled indices, therefore it is aware of Adani Ports’ actions. 

TIAA/Nuveen

Shareholder 

climate change has arisen as a leading health and economic challenge of our time.” 

UBS AG

Shareholder

Tightened its financing criteria for those involved in coal-fired power generation and mining in 2021

Vanguard Group

Shareholder 

“The goals set forth in the Paris Agreement have become a widely accepted standard for countries and companies aiming to address climate change. Where climate change is a material risk, Vanguard encourages companies to set targets that align with these goals and to disclose them.”

Take action! Let the exposed investors and financiers know that their support for Adani supports Carmichael coal.