As Adani claims first coal, investors like Samsung flee Adani Group over climate concerns
Today, as Adani announces it has reached the coal seam on their Carmichael coal mine site, major global investors Samsung, Norwegian pension fund KLP, and Storebrand divest from Adani Group companies over its destructive Queensland coal mine and human rights record, in a sign that controversy over the mine will only continue to grow.
This week, multinational giant Samsung announced it sold Adani Ports shares over concerns with the Carmichael coal project and overnight, Nordic pension giants KLP and Storebrand have followed suit, dumping Adani Ports over concerns with Adani’s coal mine and Adani Ports’ links to the Myanmar military. As Adani digs in their heels on their climate-wrecking coal mine and rail project in Queensland, Adani Group investors are fleeing.
Adani’s photo opportunity with 9 lumps of coal comes after billions of dollars spent on site and ten years after they started their project, but Adani has a long way to go before they have an operational coal mine. Adani still need:
- To build an operational coal mine,
- To build a 200km rail line connecting mine and port which has been subject to consistent flooding due to its location on a floodplain,
- To build a major coal handling processing plant,
- Approval and access to water after the Federal Court found an “error of law” with Adani’s North Galilee Water Scheme approval process.
Adani has breached their approvals for the Carmichael coal mine and rail project seven times already, Adani cannot be trusted to follow the rules.
Pablo Brait, Market Forces, said "Adani Group's continued pursuit of the Carmichael project undermines global efforts to reduce emissions and undermines India's transition to cheaper and cleaner energy. Investors, bankers and insurers across the entire Adani Group must now distance themselves from this destructive company unless they want to be seen to be supporting the climate-wrecking Carmichael project.
"Adani's fancy public relations stunt won’t stop communities from standing up for climate justice. The project has been delayed by seven years and is still a long way from completion, over one hundred companies have pledged to never support it and the economics of coal power keep getting worse. The idea that Adani will viably mine coal at Carmichael for decades to come is fanciful. It should walk away now."
Manjot Kaur, Stop Adani spokesperson and member of new group, South Asians for Climate Justice said, “We urgently need to stop Adani’s coal mine before this coal is shipped to India. The people of India do not need dirty and expensive coal from Queensland. The people of Bangladesh do not need expensive and dirty energy from Adani’s Godda power plant. And the world can not afford for this coal to be burnt, fuelling worse climate impacts globally.”
Bailey Linton-Simpkins, a year 11 student at Epping Boys high school and School Strike 4 Climate organiser, said “We aren’t going to sit by and let a coal company like Adani get away with this and destroy our future. School Strikers have been exposing Adani’s investors and we have secured another win, with Samsung pulling their money out of Adani Ports because of Adani’s Carmichael coal project. Last year, they pulled their money out of Adani’s Abbot Point coal port. This year, they pulled their money out of Adani Ports altogether.”