Who is Adani and why is Barclays involved?

Adani is the world’s biggest developer of coal, and Barclays just helped it secure a $409 million “green” bond. Barclays has chosen to do this despite Adani’s violations of human rights, business with criminal juntas, plans to mine billions of tons of coal beneath ancestral forests in India, rampant exploitation of its workforce, and most recently, a major expose on Adani’s financial fraud and stock price manipulation.

This has happened less than a month after Barclays released a fossil fuel policy on how it will approach the billions of dollars it’s currently providing to fossil fuel giants like Shell, Exxon and Adani. The fact that the Adani deal is allowed by Barclays’ updated policy, given Adani’s history, speaks clearly to the quality of the policy: it allows Barclays to turn a blind eye to criminals.

Adani and Barclays have history

Barclays is the main underwriter of Adani bonds. This means Barclays is a key player in helping Adani secure large sums of cash from different investors. So much so that Barclays is considered by Adani as their go-to fixer, making their financial trickery look like a walk in the park. They’re so tight, that Barclays has underwritten every USD/Euro bond that Adani has put to market.

After the first allegations of corruption came out early in 2023, Barclays said they would be cautious about Adani. But it doesn’t seem to be true, Barclays are standing strong with Adani – as you read this Barclays are arranging billions more for Adani.

Barclays’ continued support of Adani is exposing it to the massive reputational and financial risk associated with Adani. And now, Barclays’ complicity in Adani’s illegal practices is being investigated, similar to the UN’s human rights warning to HSBC for their support of Saudi Aramco.


How are Barclays justifying it?

Barclays are yet to make a public statement about this deal. But it’s likely that Barclays will say it’s allowed because the bond is being arranged for a certain section of the Adani Group called Adani Green with, Barclays will say, complies with it’s policy. The issue is that Barclays is ignoring smoking gun evidence that Adani moves money between it’s subsidiaries, they admitted it in their own reporting. 

This means that Adani Green can easily use it’s “green” bond for expanding coal extraction and all the human rights abuses that comes with.

Barclays knows full well that money for Adani Green means money for all of Adani’s operations, but is choosing to look the other way.


Barclays is in bed with Adani Group. It’s time for Barclays to stop supporting one of the world’s most fraudulent, coal companies.