22 November 2021 Two major London insurers, RSA Insurance Group and Conduit Re, have ruled out underwriting Adani’s controversial Carmichael coal project in Australia. In an email to Market Forces, RSA stated: “Our underwriters follow our Climate Change and Low Carbon Policy, which means we would not provide cover to … Read More
Adani’s first coal train stopped in its tracks. Let’s make it permanent.
16 November 2021 A train carrying coal from Adani’s Carmichael mine is headed to Abbot Point/NQXT port so it can be exported to India and used to pollute people’s lungs a quarter of the way around the world while fueling the climate crisis. We know because it was spotted yesterday, broken … Read More
Bank of New York Mellon backs out of Adani coal deal and resigns from coal port role
8 November 2021 After being outed as part of a potential new funding deal for the Adani Carmichael coal project last month, Bank of New York Mellon (BNY Mellon) has done a full 180-degree turn and announced it will not sign any new contracts with Adani in Australia and is … Read More
Bank of New York Mellon involved in potential Adani coal deal
UPDATE: 5 November 2021. Bank of New York Mellon has withdrawn from the deal and will resign its role with Adani in Australia. See our blog for further information. 21 October 2021 It has been revealed that an Australian subsidiary of Bank of New York Mellon (BNYM) could be playing … Read More
Adani must not be allowed to greenwash itself at UK climate summits
12 October 2021 Coal billionaire Gautam Adani cannot be allowed to greenwash his company’s reputation in front of world leaders and investors at the Global Investment Summit in London and the United Nations COP26 in Glasgow. Hosted by the UK Government on 19 October, the Global Investment Summit is meant … Read More
Hamilton Insurance Group sets new low with meaningless ESG principles
5 October 2021 Hamilton’s 116-word statement should be an example to all other insurers of what an ESG (environment, social, governance) policy should NOT look like. Since mid 2020, 28 Lloyd’s of London insurers have answered the call of the #StopAdani campaign and ruled out insuring the disastrous Adani Carmichael thermal … Read More
Case for cutting financial ties with Adani Group presented at webinar
21 September 2021 Last week Responsible Investor, in partnership with Market Forces, hosted a webinar entitled Adani Group’s new coal projects: why and how investors need to act. Hundreds of employees of financial institutions, based mainly in Europe and the US east coast were in attendance. Combined, the presentations from … Read More
State Bank of India still considering loan to “fully funded” Adani coal project
5 August 2021 In November 2020, Indian media reported that the State Bank of India (SBI) was considering a A$1 billion loan for Adani’s Carmichael thermal coal project. People all over the world took immediate action, leading to international news headlines and a string of the globe’s biggest investors speaking … Read More
Adani is doubling down on coal, investors and bond arrangers must act
30 July 2021 In mid-July Adani Electricity Mumbai issued US$300m worth of “sustainability-linked” bonds – a form of general corporate finance which carry no obligation to be directed towards sustainable projects and can be issued by any company willing to report on certain “sustainable” key performance indicators (KPIs). These KPIs … Read More
Macquarie fails to rule out funding fossil fuel projects incompatible with net zero
29 July 2021 Major Australian financial institution Macquarie was today challenged by shareholders and communities over its support for the oil and gas industry, and inconsistencies between this support and its commitment to net zero emissions by 2050. Just weeks after Macquarie’s commitment to “aligning our financing activity with the … Read More