Media release: Commbank’s refusal to finance Adani coal mine

Commonwealth Bank’s confirmation that it will not be involved in financing the Carmichael coal mine leaves Adani in the highly improbable position of financing a major Australian project without the support of one of the “big four” banks. “It’s desperate measures now for Adani”, said Market Forces executive director Julien … Read More

WIN! CommBank will not be asked to finance Adani Carmichael

11 August 2017 “We have been asked about our role in funding the Adani Carmichael mine. Whilst in general we do not comment on specific clients, we can confirm that we are not amongst the banks who have been, or will be, asked to consider this financing.” That was a … Read More

Two degrees scorecard update

In December 2015, the Paris climate talks saw 195 nations agree to limit global warming to well below 2°C, compared with pre-industrial levels. In the lead up to Paris, ANZ, CommBank, NAB and Westpac all publicly championed the two degree limit, committing to support the transition to a low carbon … Read More

AECOM wants to help Adani rip up the Galilee

US-based design, engineering and construction company AECOM has signed a letter of agreement with Adani to provide the design and surveying required for the Carmichael rail line. Use the form to tell AECOM to ditch its plans to help Adani rip up the Galilee Basin, unlock the carbon bomb that … Read More

Investing in the Galilee Basin on the agenda of the QIC

June 2017 A Market Forces Freedom of Information (FOI) request has revealed that the Queensland Treasury has held talks with Queensland Investment Corporation regarding the prospect of QIC investing in proposed Galilee Basin coal export projects. The request, which was for “records of correspondence between the Queensland Treasury and QIC … Read More

CalSTRS to completely divest from thermal coal, including Whitehaven

CalSTRS, the US$200 billion Californian State Teachers’ Retirement System, has announced it will divest all non-US thermal coal holdings from July 1. The commitment follows the fund’s decision to dump all US thermal coal holdings in December 2015. Here in Australia, the CalSTRS decision will see them sell off their holdings … Read More

The financial backers of Vietnam’s latest 3 power stations

Reuters is reporting that, with Vietnam’s Prime Minister Nguyen Xuan Phuc preparing to visit Japan, licences will be awarded on three proposed new coal-fired power stations that would be heavily backed by Japanese funding. The article does not name the plants, but Market Forces is aware that the three mentioned are Namh … Read More

Media Release: Lack of funders belies Adani’s investment intentions

TUESDAY 6 JUNE, 2017: Adani’s expected ‘investment decision’ concerning its proposed Carmichael mine is little more than a PR stunt, according to environmental finance group Market Forces. With a net debt estimated at $2.5 billion, Adani Enterprises has yet to raise a single cent of the $5 billion required to capitalise … Read More