TAKE ACTION TO STOP THE MONEY | Abbot Point: Stop the Money

TAKE ACTION TO STOP THE MONEY

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Tell Adani creditors Korean Investment & Securities, the Industrial Bank of Korea, Mirae Asset Daewoo, Stifel, CLSA, Emirates NBD Capital, Haitong, State Street Global Advisors and Invesco to rule out further financing of Abbot Point and other Adani companies.

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I am writing to ask that your company does not participate in any further financing or bond arranging of Adani Abbot Point Terminal (AAPT). AAPT is an essential component of the controversial Carmichael coal export project with all the coal extracted from the Carmichael mine intended to go through AAPT. This means that by financing Abbot Point port, your company is enabling the Carmichael coal export project. Doing this will generate significant reputational risks for your company.
 
Not only do the majority of Australians oppose Adani’s coal mine, the project is being contested by traditional owners who have not given their consent to the mine, it has cleared endangered species habitat, will drain billions of litres of precious water resources and add millions of tonnes of carbon to the atmosphere. Helping AAPT means you risk being associated with the construction of a massive new thermal coal mine in an as-yet unmined basin, and as being seen as partly responsible for one of the biggest potential sources of new carbon emissions on the planet. 
 
The financial risk around AAPT also seems to be increasing as the world shifts away from thermal coal. On 31 March Fitch Ratings downgraded AAPT from BBB- to BB+ (sub investment grade)[1]. This has been followed by a downgrade in Moody’s rankings from positive to stable, citing weakening operational conditions and rising environmental, social and governance risks[2].  
 
I urge you to rule out further financial support for the Adani Abbot Point Terminal and any projects associated with the disastrous Carmichael coal project. 
 
I hope to hear from you soon in response to my concerns.

[1] Fitch Ratings (31/03/20) Fitch Downgrades Adani Abbot Point to BB+; Ratings on RWN https://www.fitchratings.com/research/infrastructure-project-finance/fitch-downgrades-adani-abbot-point-terminal-to-bb-ratings-on-rwn-31-03-2020

[2] The Asset (27/05/20) Australia’s AAPT Coal terminal hit with rating revision amid virus outbreak. https://www.theasset.com/archive/40652/australias-aapt-coal-terminal-hit-by-rating-revision-amid-virus-outbreak

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