Jakarta, 14 July 2022 – One of the largest United Kingdom banks, Standard Chartered, has confirmed that it is ending investment in Indonesia’s second largest coal producer, PT Adaro Indonesia and other banks need to follow suit in line with their energy and fossil fuel policies. The UK-bank has confirmed … Read More
Adani planning to self-fund coal port debt refinancing
22 March 2022 According to a note published on 14 March, Adani has indicated to the Moody’s ratings agency that it is failing to find an external source to refinance the US$500m of bonds maturing in December of this year, issued by its coal port North Queensland Export Terminal (or … Read More
Repeat offenders NAB, ANZ and Westpac bankrolling “bet against the Paris Agreement”
NAB, ANZ and Westpac are among 18 global banks that have loaned1 to a gas processing facility that paves the way for a carbon bomb at the scale of 15 coal power stations. The banks—including Japanese megabanks Mizuho, MUFG and SMBC, UK’s HSBC and Standard Chartered, and Bank of China—have … Read More
Adani Ports kicked off MSCI indices due to Carmichael coal link
26 November 2021 Finance research and ratings company MSCI wrote to its clients on Tuesday informing them that Adani Ports and Special Economic Zone (Adani Ports, also referred to as APSEZ) is about to be kicked off four MSCI climate indices, after its links to the Carmichael thermal coal project … 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
Deutsche Bank, JP Morgan and Standard Chartered break promise and loan US$1 billion to Adani coal miner
19 August 2021 Financial news sources have confirmed that JP Morgan, Standard Chartered and Deutsche Bank all participated in a massive US$1 billion loan to Adani Enterprises, the Adani Group company building the climate-wrecking Carmichael thermal coal project in Australia. The transaction was completed on 21 July. The money went … 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
Are Deutsche Bank, Barclays, JP Morgan and Standard Chartered about to fund coal miner Adani Enterprises?
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 129) 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