13 July 2021 Media reports from last week have named Deutsche Bank, JP Morgan, Standard Chartered and Barclays as the banks in discussion with Adani to provide US$1 billion to Adani Airport Holdings Ltd to refinance its debt. Adani Airport Holdings is owned by Adani Enterprises, the same Adani Group … Read More
Adani Ports attempts to save brand by dumping Bowen Rail Company
2 July 2021 Adani Ports and Special Economic Zone (Adani Ports) has announced in its latest Annual Report (page 131) that after setting up the haulage operation for the controversial Carmichael coal project under the Bowen Rail Company (BRC), it is transferring the ownership of BRC to another Adani subsidiary, … Read More
Adani gets a lump of coal, loses three investors
25 June 2021 Adani Group celebrates its undermining of the Paris Agreement on climate change, while three more investors reject its destructive activities. The hypocrisy of the Adani Group was on full display this week, and nowhere was it more stark than big boss Gautam Adani’s Twitter feed. Directly above … Read More
Adani Ports removed from Dow Jones Sustainability Index
13 April 2021 S&P Dow Jones has announced that it will remove Adani Ports and Special Economic Zone (Adani Ports) from its Sustainability Index in response to evidence presented to it by human rights and environmental groups in March. Market Forces, Australian Centre for International Justice and Justice for Myanmar … Read More
HSBC bows to pressure and will phase out coal lending. It must also cut ties with Adani
16 March 2021 In response to a shareholder resolution coordinated by ShareAction, HSBC, Europe’s largest bank and one of the biggest backers of fossil fuels, has announced it will table its own resolution on plans to phase out financing for coal-fired power and thermal coal mining across the EU and … Read More
Barclays and HSBC at risk of losing three million customers over continued investment in fossil fuels
29 January 2021 As climate change continues apace with 2020 one of the hottest years on record, a survey of consumers who bank with Barclays and HSBC shows that these banks risk losing up to three million customers due to financing fossil fuels. The online survey, carried out by ICM … Read More
Deutsche Bank refuses Adani Ports financing
29 January 2021 Media reports indicate that the world’s 7th largest (in 2020) bookrunner for bonds, Deutsche Bank, has been blocked by its Sustainability Committee from participating in Adani Ports’ latest bond issue. “Port-related environmental concerns which are in conflict with sustainability goals of the bank” was reported (paywalled) as … Read More
Barclays and Standard Chartered support Adani coal
28 January 2021 Adani Ports, the company developing essential coal haulage infrastructure for Adani’s Carmichael coal project, this week issued US$500 million in bonds to find more investors like Allianz/PIMCO and HSBC, which are already heavily invested in the company. Barclays and Standard Chartered are in the list of bankers … Read More
Investor Briefing: Adani Ports to haul Carmichael coal, exposing investors to reputational & financial risks
22 October 2020 Market Forces has compiled this briefing paper to inform existing and potential investors in Adani Ports and Special Economic Zone (Adani Ports) of the company’s establishment of Bowen Rail Company, which will transport coal for the controversial Carmichael thermal coal project in Australia. This move into coal … Read More
Adani forced to haul its own coal, driving up the cost of Carmichael
10 September 2020 Under the veil of the newly created Bowen Rail Company, Adani will be self-transporting Carmichael coal from pit to port. It appears that Adani tried to hide this development, with the new company’s website and media communications not mentioning “Adani” or “Carmichael”. The news highlights two major … Read More
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