5/24/2023 0 Comments Shudder zoom![]() ![]() But the “high concentration of stock ownership and other interrelationships” in the Adani conglomerate represent an extra layer of risk, he said. The conglomerate has repeatedly denied the allegations in the Hindenburg report and threatened legal action.Įrlandsson at AFII said an equity investor pledging stock as collateral doesn’t necessarily contaminate other shareholders. More than 500 funds registered in the European Union as “promoting” ESG goals hold Adani stocks, either directly or indirectly, according to data compiled by Bloomberg.Īn Adani spokesperson didn’t respond to a request for comment. ![]() “Investors who have restrictions on funding greenfield thermal coal mining should revisit potential exposures across the whole of Adani Group.” “Investments in other parts of the Adani Group are leaking into the funding of Carmichael,” said Ulf Erlandsson, chief executive of Anthropocene Fixed Income Institute, which has been tracking the Adani Group since mid-2020. But for investors with environmental, social and governance mandates, there’s an added layer of pain as they realize their green dollars were indirectly supporting the dirtiest of fossil fuels. 24, investors have responded to its allegations of fraud and market manipulation by selling Adani shares. Since short-seller Hindenburg Research published its critical report on Jan. KLP has blacklisted coal from its portfolio, so any indirect financing of the Carmichael project would represent a “breach of our commitments,” Kiran Aziz, KLP’s head of responsible investing, said in an interview. 10 public filing has since made clear that Adani is using stock from its Green companies as collateral in a credit facility that’s helping to finance the Carmichael coal mine in Australia, via Adani Enterprises Ltd. Norway’s largest pension fund, KLP, recently dumped its entire holding of shares in Adani Green Energy Ltd., the renewables part of the empire, amid concerns that it might inadvertently have helped finance some of the world’s most polluting activities via the stake. ![]()
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