That’s right, updated research from group Market Forces reveals that Adani’s words and actions simply don’t match up.
While Adani is rapidly expanding in several directions (including renewable energy, cement and airports), most importantly it is still building and planning new fossil fuel projects, particularly thermal coal mines and power stations. So much so that according to Global Energy Monitor data the Adani Group is the private sector company with the most proposed new thermal coal mining capacity in the world, second only to state owned Coal India.
The company's actions are not compatible with the goals of the Paris Agreement and the net-zero emissions by 2050 target.
If all of Adani Group’s known extractable coal reserves are burned, Market Forces estimate 10.1 billion tonnes of CO2 will be emitted, with a further 1.6 billion tonnes CO2 from inferred resources in Adani’s three newly acquired coal exploration blocks. Together this is 32% of global energy-related carbon emissions in 2021.
Last year Market Forces compiled a non-exhaustive list of Adani’s new and expanded fossil fuel projects to highlight the hypocrisy between Adani’s words and actions. 12 months later, an update to this research reveals the following:
Investors, bankers and insurers of the Adani Group need to be aware of the risks associated with financing a company with fossil fuel plans of this scale. Adani Group’s bond arrangers, lenders including Citibank, HSBC, Barclays, Deutsche Bank and investors TIAA, BlackRock, Loomis Sayles and Apollo Global are playing a critical role in helping, directly or indirectly, fund new thermal coal projects, and now an operating Carmichael thermal coal mine, which Adani hopes to expand into Australia’s biggest.