What does an airport in Mumbai and a coal mine in Australia have in common?
Both are owned by coal baron Gautam Adani and right now he’s trying to issue a massive $1bn bond for his airport. An airport may seem harmless but if he secures this cash it could free up his finances to finish the reef-destroying Carmichael coal mine.
That is, unless you can tell investors like Blackrock to walk away from the deal. The deal looks set to close in a matter of days. And if Blackrock walk away other investors will follow.
People power has already prevented Adani from securing any external financing for his notorious Carmichael coal mine, over 100 companies have ruled out financing or working on the project.
This has forced Adani to transfer billions from other parts of his company to finish the mine. But Adani is getting close and with a cash injection from one of his other subsidiaries, he could start shipping coal over the Great Barrier Reef in a matter of weeks.
This is the first time Adani Enterprises have issued their bonds in US dollars, which means it’s a critical moment for Gautam Adani. Imagine the incredible impact it will have if you and thousands of others force their biggest investor, Blackrock, to wash their hands of Adani.
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Photograph taken by Dean Sewell: capturing Stop Adani picket in Sydney as part of the Defund Climate Chaos day of action
Stop Adani. 24 February 2022.
The Economic Times. 22 February 2022.
The Economic Times. 22 December 2021.