Tell Adani's investors to stop funding Adani's coal!

Massive financial institutions, including BlackRock, State Bank of India, JP Morgan Chase, MUFG and HSBC, are enabling one of the biggest coal expansions on Earth by investing in global coal giant Adani. Adani are building the biggest coal mine in Australia’s history and are planning to massively expand their coal business across India with new coal mines, ports and power stations.

Adani’s financiers are complicit in their massive coal expansion - but they have the power to stop it. They can push Adani to stop building new coal. And, if Adani refuse, they can refuse further funding and divest ...

Massive financial institutions, including BlackRock, State Bank of India, JP Morgan Chase, MUFG and HSBC, are enabling one of the biggest coal expansions on Earth by investing in global coal giant Adani. Adani are building the biggest coal mine in Australia’s history and are planning to massively expand their coal business across India with new coal mines, ports and power stations.

Adani’s financiers are complicit in their massive coal expansion - but they have the power to stop it. They can push Adani to stop building new coal. And, if Adani refuse, they can refuse further funding and divest.

Can you tell Adani's biggest investors to put their money where their mouth is and stop investing in Adani until Adani stops investing in coal?

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Contact Adani's investors!

Send an email to Adani investors BlackRock, JP Morgan, Vanguard, Barclays and TIAA. Your email will be most powerful if you put it in your own words.

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I am writing to you because I am very concerned about your willingness to continue to invest in or arrange finance for the Adani Group while the company pursues one of the biggest new coal expansions in the world, works with the Myanmar military and stands accused of “the largest con in corporate history”.[1] I insist you announce publicly that you will divest from all Adani Group companies, and rule out any further investment or arrangement of finance until Adani proves its commitment to a more sustainable future by abandoning its Carmichael coal mine and getting out of coal.

The Adani Group is planning to develop more new thermal coal mining capacity than any other private company in the world, and is only second globally to Coal India, according to Global Energy Monitor. [2]

Right now Adani is opening an entirely new coal basin and building the biggest coal mine in Australia's history. Adani’s Carmichael Coal Project does not have the consent of Traditional Owners, will drain billions of litres of precious water resources, increase coal ships in the Great Barrier Reef World Heritage Area and turbocharge global heating. The entire project is the subject of one of the biggest community resistance campaigns in Australia’s history. Over 110 of the world’s biggest banks, insurers and engineering companies have ruled out any support for Adani’s Carmichael Coal Project due to the severe reputational risks.

Adani is planning to significantly expand their coal business in India with new coal mines, coal ports and coal plants. Adani has purchased at least 12 new coal mines since 2020. [2] Adani’s expansionary coal projects are displacing thousands of Indigenous Adivasi people and destroying forests, farms and villages. [3]

Adani has recently been exposed for continuing its partnership with the murderous Myanmar military, which is committing crimes against humanity including genocide and war atrocities. Adani sought new coal ventures with the Myanmar military at the same time it was telling the world it was exiting the country in the wake of a bloody coup. Adani also continued to develop a lucrative port asset that will benefit the Myanmar military despite the military's escalating campaign of terror against the people of Myanmar.[4]

On top of Adani’s devastating environmental and social impacts, Hindenburg Research has laid out detailed and damning evidence of “brazen accounting fraud, stock manipulation and money laundering” at the Adani Group that they say amounts to “one of, if not the most egregious example of corporate fraud in history.” The Hindenburg Report shows how Adani moves money around its vast corporate empire so that any investment in any Adani company could end up financing coal expansion and human rights abuses.

Investing in the Adani Group makes you complicit in Adani’s coal expansion and its violation of Indigenous land rights and human rights. Continuing to invest in Adani poses a severe risk to your reputation, and, as the Hindenburg Report shows, to your finances. All of these issues have been widely reported, which also raises serious questions about your own due diligence, corporate governance and commitment to ESG principles.

Other investors are already taking action:
- Norway’s largest pension fund KLP has divested from Adani Green saying “revelations about Adani’s corporate structure created an unacceptably high risk that 'clean' investment could be siphoned off towards coal mining”.
- Credit Suisse, Citi and Standard Chartered have all stopped accepting Adani bonds as collateral in the wake of the Hindenburg allegations.

Frontline Indigenous communities and environmental and human rights advocates have been warning about the Adani Group’s environmental destruction, human rights abuses and dodgy business practices for years. It is time you listen to them, and the very serious allegations in the Hindenburg Report, and stop funding Adani.

Will you announce publicly that you will divest from all Adani Group companies, and rule out any further investment or arrangement of finance until Adani proves its commitment to a more sustainable future by abandoning its Carmichael coal mine and getting out of coal?

References
[1] https://hindenburgresearch.com/adani/
[2] https://www.marketforces.org.au/campaigns/stop-adani/adani-fossil-fuel-expansion-plans/
[3] https://www.adaniwatch.org/adani_s_coal_based_community_conflicts_in_india
[4] https://www.abc.net.au/news/2023-05-04/adani-coal-projects-myanmar-military-junta-leaked-documents/102291036

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