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

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

APLNG seeks massive expansion of polluting gas drilling

Gladstone LNG port development, QLD. Credit: Greenpeace / Tom Jefferson

16 April 2021 Scientists have been clear that meeting the Paris Agreement’s climate goals means no expansion of the polluting gas industry.[1] Yet one of Australia’s largest and most polluting gas export projects, Australia Pacific LNG (APLNG), is seeking approval to drill up to 7,700 new gas wells across central … 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

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