As this story is evolving, Barclays staff are confidentially sharing their opinions on Barclay’s continued support of Adani. Just email or send a signal message to +447818822876 to speak directly to the team. All details are 100% confidential. 

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Why are Barclays getting a letter?

It’s due to Adani. Adani are a huge coal company that relies heavily on Barclays for loans, underwriting and bond arranging. Since allegations of financial fraud and money laundering, Adani has suffered massive hits to its reputation, share price and relationships. But as banks and asset managers distance themselves from Adani, Barclays continues to support them. This is despite Adani’s flagrant risk to Barclays’ finances, ESG policies and any commitment to sustainability Barclays is claiming to have.

That’s why environmental groups are sending a letter to Barclays asking Barclays to stop arranging a further $10bn bond for Adani, and stop funding the coal industry altogether. More on the background of this story HERE.

The full letter:

Dear Taalib Shah, Head of Risk; Kim Croucher, Head of ESG; Jaideep Khanna, Head of Asia Pacific,

We are writing as a consortium of organisations asking you to stop facilitating new bond issuance for the Adani Group, the second largest conglomerate in India, unless it unequivocally halts its coal expansion and adopts a publicly disclosed 1.5°C-aligned transition plan. Furthermore, we urge you to publicly commit to halt bond underwriting services to all companies driving runaway climate change by expanding the scale of the coal sector.

Adani group’s fossil fuelled growth has been increasingly funded by the global bond market, with Adani companies now the largest Indian issuers of foreign denominated bonds, having raised more than $9 billion from foreign investors in the last 5 years. The group is planning to raise $10 billion in further debt capital using multiple instruments including green bonds this year. The interconnected financial nature of the Adani Group makes it clear that buying or facilitating debt from any subsidiary of Adani, is by extension supporting Adani’s mining businesses.

The explosive findings published by Hindenburg Research on 25 January – alleging “one of the largest corporate frauds in history” – should undermine any confidence investors and investment banks could have that proceeds from Adani’s planned green issues this year would be adequately ring-fenced. Indeed, these allegations of the Adani Group’s flagrant disregard for even the most basic standards of good corporate governance and transparency should leave any financial institution connected to the company deeply concerned.

In asking you to stop facilitating new bond issuance for the Adani Group, we ask that you consider the following:

Stranded assets and credit risks

There are material stranded asset risks for fossil fuel companies as the world accelerates towards cleaner energy options. Carbon Tracker analysis has identified significant stranded asset risk facing Adani’s coal power generation assets under a net zero by 2050 scenario. It Meanwhile, the phenomenal growth of Mr. Gautam Adani’s personal wealth and the Adani Group in the last 3 years has been sharply questioned in relation to the group’s over-leveraged position. Hindenburg Research has accused the Adani Group of stock manipulation, accounting fraud and views the group’s seven listed entities as having 85% downside, just on a fundamental basis. The report also confirms the interconnected financial nature of the group, detailing how intra-company loans, offshore shell companies and in-dealing are used to transfer funds between the different entities within the family-controlled network of companies. As a bank that has facilitated US-denominated bonds of the Adani Group, it appears that you have endorsed the company and provided a veneer of respectability to the company’s operations.

Greenwashing by the Adani Group

The Adani Group has announced $70 billion investments in clean energy projects via its green energy arm, Adani Green. But these shrink in comparison to its rapidly growing coal operations. Adani cannot claim to be committed to transition whilst planning new coal mines and thermal power projects. Adani is in the process of nearly doubling its installed coal thermal capacity from 14 GW to 26 GW, while its coal mining output rose 58% in FY2021. In spite of climate and ESG concerns and negative sentiments from investors, financiers and the public, Adani Green issued $1.25 billion worth of green bonds in the global market in the last 3 years. This move to sustainable debt markets has increased scrutiny on Adani’s financial disclosures. In a complaint filed against Adani Electricity’s $300 million sustainability-linked bonds at the US Securities and Exchange Commission, Adani’s lead managers were accused of securities fraud for not properly disclosing the company’s link with coal power. However, the company’s efforts to greenwash the business and its CEO’s image have not been enough to stem the tide of public pressure and protests against those directly or indirectly supporting its coal investments.

Adani group is causing irreversible damage to the climate

Coal was the largest contributor to the climate crisis in 2021. And the International Energy Agency is unequivocal that achieving net zero emissions by 2050 means no new or expanded coal mines. The Adani Group is the world’s largest private coal operator, with its mining activities alone accounting for at least 2.95% of global CO2 emissions from coal. It has been reported that coal-related businesses are responsible for 60% of its overall revenue. The group has continued its unabated coal expansion and is planning to develop more new thermal coal mining capacity than any other private company on earth, according to Global Energy Monitor. It is estimated that it is developing more than 6 billion tonnes of extractable reserves of coal, which if burned would emit 10.1 billion tonnes of CO2. Adani Enterprises is also planning a highly polluting coal-to-plastics plant in Mundra, India.

Adani’s coal expansion has come at the cost of human rights violations and environmental destruction 

Adani’s involvement in the Carmichael coal mine in Australia does not have the consent of the Wangan and Jagalingou Traditional Owners and could drain 270 billion litres of Queensland’s precious groundwater. The project which has been marred with financial difficulties and proven allegations of environmental violations, will be devastating for the climate-impacted Great Barrier Reef. Adani’s mining expansion in India will destroy India’s most ancient and bio-diverse forests, considered as the “Lungs of central India” whilst also displacing thousands of indigenous Adivasi people and farmers who are dependent on it for their livelihood. Numerous reports have covered Adani’s involvement in alleged corruption in Sri Lanka and India, heavy debt burdens for the common people in Bangladesh, and gross environmental mismanagement.

Our research shows that Barclays has helped facilitate USD-denominated bond deals worth a total of $8bn outstanding for the Adani Group, which reveals a misalignment between your stated climate goals and financing practices, and demonstrates your willingness to publicly endorse a company that is engaged in massive coal expansion and allegedly participating in “accounting fraud, stock manipulation and money laundering”.

We strongly urge you to stop facilitating new bond issuance for the Adani Group whilst it rolls over the rights of indigenous communities, endangers the climate and continues on its reckless programme of coal expansion without a clear 1.5°C-aligned transition plan.

We will be publishing the responses and lack thereof to this letter, and would very much appreciate your engagement by 14th February in relation to your decision on this matter.

Please do not hesitate to get in touch with us if you have any questions or would like to discuss the issue further.


Toxic Bonds

350 Seattle

7 Directions of Service

Bank on Our Future



Center for International Environmental Law


Market Forces

Oil & Gas Action Network

Rainforest Action Network


Sierra Club




XR Money Rebellion

XR San Francisco Bay Area


As this story is evolving, Barclays staff are confidentially sharing their opinions on Barclay’s continued support of Adani. Just email or send a signal message to +447818822876 to speak directly to the team. All details are 100% confidential.