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
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
HSBC, Citi, JP Morgan, Standard Chartered undermining their statements on Carmichael by raising funds for SBI
8th January 2021 Reports indicate that the State Bank of India (SBI) is issuing a US$600 million bond next week, with HSBC, Citi, JP Morgan and Standard Chartered listed as managers leading the deal. SBI may be about to lend AU$1billion to the Carmichael coal project, which means these banks … 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
Deutsche Bank, Standard Chartered, Barclays and JP Morgan helping Adani Ports raise billions
10 July 2020 Banks that have pledged to not finance the Adani Carmichael coal project could be unintentionally helping to do just that. Media reports this week reveal that Adani Ports and Special Economic Zone (APSEZ), the owner of several ports in India, is aiming to raise US$1.25 billion in … Read More
Adani looking for Abbot Point investors
12 March 2020 Adani is asking investors to back the Abbot Point coal export terminal for the next seven years through a new bond. With take-or-pay contract protection now largely expired, whoever invests is placing a massive bet about the Carmichael coal project going ahead, but some key aspects of … Read More
Banks could accidentally fund Carmichael coal via Adani bond issue
8 July 2019 In early July 2019 Adani issued US$1billion in bonds for one part of its business (Adani Ports and Special Economic Zone), which nine major banks invested in. This company operates several ports in India. Unfortunately, the evidence shows that the Adani group of companies has regularly funded … Read More
Standard Chartered tries to have it both ways on coal
Op-ed by Julien Vincent, executive director Market Forces Published in Asia Times, 21 January 2019 While 2018 climate-change news was dominated by President Donald Trump’s announcement of the United States’ intention to withdraw from the Paris Climate Agreement, it was also a year when the financial sector continued its inexorable march … Read More