This page is updated regularly with the latest news about why Adani’s biggest investors must cut all ties with Adani.
The Carmichael Coal Mine and Rail Project, and the related North Queensland Export Terminal (formerly the Adani Abbot Point Terminal), is one of the biggest greenfield coal expansions in the world. Adani Ports, Adani Enterprises, and Atulya Resources all have different ownership stakes in the Carmichael Coal Mine and Rail Project, and the related North Queensland Export Terminal.
Any company that invests in Adani Ports, Adani Enterprises, Atulya Resources, or directly invests in the Carmichael Coal Mine and Rail Project, or the related North Queensland Export Terminal, is supporting this huge greenfield coal expansion. BlackRock, MUFG, State Bank of India, JP Morgan Chase, and HSBC are some of Adani's biggest investors.
The #StopAdani movement's demands of Adani's biggest investors are that they:
- Use their influence as Adani's biggest investors to demand that Adani abandon the Carmichael Coal Mine and Rail Project,
- If Adani refuses to abandon the project, then commit publicly to cease and withdraw investments from Adani Ports, Adani Enterprises, Atulya Resources, the Carmichael Coal Mine and Rail Project, and the North Queensland Export Terminal.
Already investment giants PIMCO, Samsung, KLP, and Storebrand have committed to cease and withdraw investments from these Adani-owned entities. Deutsche Bank refused to arrange bonds for Adani Ports’ latest bond issue, reports citing "environmental concerns in conflict with the sustainability goals of the bank".
Violating Human Rights:
Queensland Police have made a "public statement of regret" to Wangan and Jagalingou cultural leader Adrian Burragubba after Mr Burragubba made a complaint to the Queensland Human Rights Commission about being removed from his traditional lands by police at Adani's request. The police statement acknowledged Mr Burragubba represents the Wangan and Jagalingou “aggrieved by Adani’s occupation of the land” and that the incident "was traumatic for Mr Burragubba and his extended family, and caused embarrassment, hurt and humiliation."
This incident comes after Adani attempted to bury an RMIT study that found the company had violated international human rights law in its interactions with the Wangan and Jagalingou - who have never give their free, prior, and informed consent to Adani's mine. The study recommended that mine construction be suspended until the Wangan and Jagalingou give their consent. The United Nations Committee on the Elimination of Racial Discrimination has also requested Adani’s mine be suspended because of its potential violation of Indigenous rights.
- A massive drop in aquifers near Adani’s mine has raised concerns that Adani’s water take may have already locked in irreversible damage to the Doongmabulla Springs - the most sacred cultural site of the Wangan and Jagalingou. Cultural leader Adrian Burragubba said “It will be a catastrophe every bit as destructive to our culture, and as hurtful to our people, as the blasting of the caves at the Juukan Gorge”. Wangan and Jagalingou are demanding an immediate stop to Adani’s mine and are considering legal action to stop Adani and protect the springs.
Coal and Climate Change:
New research from Market Forces, based on data compiled from Adani’s own corporate records, shows Adani’s investors are enabling a catastrophic fossil fuel expansion by supporting Adani. It comes as Adani is ramping up greenwashing efforts, even launching a website called iCan which asks children to submit ideas to 'take individual responsibility' to solve the climate crisis. Several publications including Bloomberg noted that the data undermines Adani's hollow claims about being a company in transition. Adani's plans include:
- Doubling its coal power generation, from 12 to 24 gigawatts (GW) through 6 new coal power stations and expansions, giving it more coal power capacity than all of Australia,
- Adding and enabling an extra 132 million tonnes per annum of new thermal coal mining capacity, including the 60 million tonnes per annum (mtpa) Carmichael project,
- New coal and LNG terminals at Adani ports,
- A highly polluting coal-to-plastics plant that would use 3.1mtpa of imported coal, including 1mtpa of thermal coal.
A new report from the Institute of Energy Economics and Financial Analysis (IEEFA) has found that new coal-fired power stations in India carry a massive risk of becoming stranded assets, due in part to the plummeting cost of renewables making coal projects increasingly unviable. This is a major risk for Adani’s investors as Adani is planning to significantly increase its fleet of coal-fired power stations in India. Adani has 6 new coal stations and expansions planned or under construction that will effectively double its current coal power capacity, and even purchased another 1,200MW coal station in June this year. Adani’s investors could see their money pumped into risky stranded assets if they continue to support Adani.
- Financial advisory firm Glass Lewis has warned shareholders that Adani has a “severe” risk of material financial impacts driven by ESG factors, and raised concerns about Adani pursuing the “globally unpopular Carmichael Mine”.
Adani Ports was removed from the Dow Jones Sustainability Index over its business ties to the Myanmar military. In March a report by the Australian Centre for International Justice (ACIJ) and Justice For Myanmar (JFM) exposed Adani Ports’ deepening ties with the Myanmar military, despite the escalating human rights crisis in Myanmar after the military led a violent coup on 1 February toppling the democratically elected civilian government. Adani Ports has partnered with the Myanmar military-owned company Myanmar Economic Corporation (MEC) to build a port in Yangon, and paid the MEC tens of millions of dollars. Adani Ports ‘categorically denied’ engaging with Myanmar military leadership before photo and video evidence emerged of Adani Ports’ CEO Karan Adani meeting with sanctioned senior military general Min Aung Hlaing, an accused war criminal, and exchanging gifts.
The UN Independent Fact-Finding Mission Report in 2019 warned investments in companies who partner with the Myanmar Economic Corporation can help finance the Myanmar military. Adani Ports investors and bond arrangers must immediately divest from Adani Ports or risk being complicit in grave human rights abuses.