Banks| Policies| Dodgy Deals| Campaigns
About us| Blog| Publications| Successes| Contact us| Donate
About BankTrack
Visit us
Organisation
Our team
Our board
Guiding principles
Team up with us
Jobs at BankTrack
Our annual reports
Funding and finances
History
BankTrack in the media
Our privacy policy
Donate
2023-01-23 00:00:00
Berta Cáceres: new rules for banks could help stop defender killings
2023-01-16 00:00:00
In the balance: Why European due diligence legislation must cover financial services
2022-12-08 00:00:00
Exposed: Western banks funding Qatar’s carbon bombs
2022-12-08 00:00:00
Right-wing attack on sustainable finance is the latest form of climate denial
2022-12-14 11:08:26
HSBC announces it will no longer finance new oil and gas fields
2022-10-13 15:56:39
More major banks and insurers refuse to support EACOP
2022-09-16 10:38:48
European Parliament passes emergency resolution against human rights violations & environmental threats linked to EACOP
2022-06-27 09:49:16
Crédit Agricole takes first step to phase out from the oil and gas sector
Connect
2022-11-22 00:00:00
Banking on Thin Ice: Two years in the heat
2022-11-17 00:00:00
BankTrack Global Human Rights Benchmark 2022
2022-10-21 00:00:00
Burning forests in the name of clean energy? How banks are failing to exclude the harmful wood biomass industry from finance
2022-06-28 00:00:00
The East African Crude Oil Pipeline (EACOP): Finance Risk Update No. 3
2022-04-05 00:00:00
The BankTrack Human Rights Benchmark Asia
2022-03-30 00:00:00
Banking on Climate Chaos 2022
See all publications
Browse
Home
Banks
Policies
Dodgy Deals
Campaigns
About
About BankTrack
Donate
Contact BankTrack
Publications
Victories
Follow Us
News
BankTrack blog
Facebook
Twitter Fossil Banks No Thanks Twitter Fossil Banks No Thanks Instagram
Affiliate Websites
Fossil Banks No Thanks
StopEACOP
Forests & Finance
Banks & Biodiversity
Drop JBS
Bank of Coal
Don't Buy into Occupation
Home › News
Deutsche Bank, JPMorgan and Standard Chartered break promise and loan US$1 billion to Adani coal miner
Start
Banks
Dodgy Deals

By: Market Forces
2021-08-20

Share this page:

Night work at the Carmichael Mine. Photo: Cameron Laird via Wikimedia Commons CC BY SA 4.0
Go to:
Start
Related Banks
Related Dodgy Deals

Financial news sources have confirmed that JPMorgan, Standard Chartered and Deutsche Bank all participated in a massive US$1 billion loan to Adani Enterprises, the Adani Group company building the climate-wrecking Carmichael thermal coal project in Australia. The transaction was completed on 21 July.

The money went to Adani Enterprises subsidiary Adani Airport Holdings to refinance debt, which frees up capital that can then flow to Carmichael coal. With banks refusing direct finance, Adani Group is funding the Carmichael coal project with internal funds. The Adani Group CFO confirmed in an earnings call on 5 May 2021 that US$2.7 billion is flowing from the Adani Group to Australia for Carmichael. Thus, any funding of an Adani Group entity frees up capital that could be used for Carmichael. This is especially true for Adani Enterprises, the parent company of “Bravus” (formerly Adani Mining) which is building the mine.

The banks may argue they are not funding Carmichael directly, but this is disingenuous, as they are funding the conglomerate which is funding Carmichael. As these banks well know, money is fungible. For example, if Adani has $1 billion to spend on either refinancing airport debt or Carmichael, and then it receives a $1 billion loan for the airport debt, that means the untied $1 billion it has can now go to Carmichael. This deal means all three of these banks have broken their commitment not to fund the mine, rail and port project (see commitments below).

If completed, the Adani mine would be the biggest coal mine in Australia, adding billions of tonnes of CO2 to the atmosphere, destroying the land and culture of the Wangan and Jagalingou people, increasing shipping through the Great Barrier Reef and opening up the Galilee Basin, one of the world’s largest untouched coal reserves, paving the way for around eight more mega coal mines to be built.

Additional to the incredibly toxic Carmichael project, the Adani group has further plans to massively expand into fossil fuels, with a further 72 million tonnes per annum (mtpa) of new thermal coal mining capacity to be owned, developed or operated (not including Carmichael’s 60 mtpa capacity), doubling its coal-burning power capacity to 24 gigawatts (GW), a crazy coal-to-plastics plant and more gas infrastructure projects.

JPMorgan, Standard Chartered and Deutsche Bank must urgently address this embarrassing failure to adhere to previous commitments. With worsening extreme weather destroying lives and livelihoods around the world, now is not the time to be aligning your brand and reputation with Adani Group or any company pursuing new thermal coal mines and power stations.

What the banks have said about coal/Carmichael:

"We are currently not involved with this project and will also not be involved with it in the future"

Deutsche Bank

"We will not finance... a new greenfield coal mine or a new coal-fired power plant in a high income OECD country... We do not finance natural resource projects within UNESCO World Heritage Site unless... such operations will not adversely affect the Outstanding Universal Value of the site" 

JPMorgan

"Both parties have agreed to end the bank's role in the Carmichael project... We will not provide project finance or project finance advisory services to new standalone, non captive thermal coal mining projects."

Standard Chartered

 

Take action here. 

Go to:
Start
Related Banks
Related Dodgy Deals

Related banks

Deutsche Bank Germany

active

JPMorgan Chase United States

active

Standard Chartered United Kingdom

active
Go to:
Start
Related Banks
Related Dodgy Deals

Related Dodgy Deals

Projects

active

Carmichael coal mine project Australia

Coal Mining
There are no projects active for this item now.

Companies

active

Adani Group India

Coal Electric Power Generation | Coal Mining | Oil and Gas Extraction
There are no companies active for this item now.
Browse
Home
Banks
Policies
Dodgy Deals
Campaigns
About
About BankTrack
Donate
Contact BankTrack
Publications
Victories
Follow Us
News
BankTrack blog
Facebook
Twitter Fossil Banks No Thanks Twitter Fossil Banks No Thanks Instagram
Affiliate Websites
Fossil Banks No Thanks
StopEACOP
Forests & Finance
Banks & Biodiversity
Drop JBS
Bank of Coal
Don't Buy into Occupation
Vismarkt 15
6511 VJ Nijmegen
The Netherlands

Tel: +31 24 324 9220
Contact@banktrack.org
©2016 BankTrack                Webdesign by BankTrack and EASYmind
BankTrack is a registered charity in the Netherlands (ANBI) - RSIN 813874658
Find our privacy policy here

Stay up to date

Sign up now for all BankTrack's news


Make a comment

Your comment will be reviewed, before being posted