A month ago we asked you to send an email (organised by the Australian Marine Conservation Society) to the banks through which Adani was attempting to raise funds. Now Market Forces tells us that these tactics are having real effects.
After Market Forces, and other groups (like us!) involved in the #StopAdani campaign, pointed out that funding of the Abbot Point coal port meant supporting the climate-destroying Carmichael coal project, Abbot Point’s 2nd-biggest bondholder offloaded $27 million worth of bonds, and six other creditors have announced they will cut ties – and funds – with the coal port.
It seems that the unwillingness of some existing investors to support Abbot Point, a critical piece of the Carmichael coal export project, could drain Adani of much-needed capital as it attempts to build the mine.
Adani now needs $1 billion to refinance Abbot Point, and has appointed CLSA and Stifel banks to look for new investors.
If we can get banks to rule out arranging finance for Abbot Point, Adani will be forced to continue to use company capital to pay off its debt rather than building its destructive coal project.
Every dollar that Adani has to repay to its Abbot Point lenders is a dollar it can’t use to build the disastrous Carmichael mine and rail line. As the shift from coal to renewables gathers pace across the world, we can show Adani that its plans for a massive new thermal coal mine have no place in a decarbonising world.