Westpac and HSBC violate their coal policies to fund Adani Carmichael

23 August 2019

Over 55 major corporations, from banking and insurance to engineering and construction have ruled out working on the disastrous Adani Carmichael coal project.

Two of these are Westpac and HSBC. Back in 2016 HSBC announced it would no longer finance new thermal coal mines. In 2017, Westpac also ruled out the Adani Carmichael project.

However, both banks are providing Adani’s engineers GHD with finance for its Australian operations. GHD has been working for Adani since at least 2013 and has a shamefully long history of helping advance its climate-wrecking plans. GHD’s most recent annual financial statement shows a line of credit from HSBC and Westpac, meaning despite their policies, they are exposed to Adani’s Carmichael coal mine.(1)

GHD refuses to speak publicly about its work for Adani, but information from various sources has confirmed GHD is working on both the Carmichael mine and the railway line that will enable the coal to be exported.

Westpac and HSBC must ensure that customers, shareholders and the wider community have confidence in their policies and practices. The only way to do this is to stop providing credit to GHD until it stops its work on the destructive Carmichael coal project.

(1) GHD Group Pty Ltd, Consolidated Financial Report, 2018: “The Group holds Multi-Option Multi-Currency facilities with Westpac Banking Corporation Limited in Australia, with the HSBC Group in Australia, USA, United Kingdom and Canada.” (p.37)