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SBTi Removes Three Adani Companies

The UN-backed Science Based Targets Initiative (SBTi) has removed three Adani Group companies – Adani Green Energy, Adani Transmission, and Adani Ports & Special Economic Zone – following a formal request from environmental groups Ekō (formerly SumOfUs) and Market Forces. Two other Adani-owned companies, Ambuja Cement and ACC Limited, will be “closely monitored. The SBTi provides an independent assessment of companies’ CO2 reduction targets, verifying that these are in line with climate science. The three Adani companies will be removed from the SBTi website as per its updated Fossil Fuels Policy. Adani Green Energy, which is set to announce its quarterly results and raise up to US$800 million in new debt, is likely to be the most affected by the decision. Nick Haines, Campaign Manager at Ekō and member of the Toxic Bonds network, welcomed the decision, saying: “Adani’s comeback relies on persuading investors that the eco performance of subsidiaries like Adani Green Energy outweighs the wider group’s extensive and growing record of scandals. Will van de Pol, Acting Executive Director, Market Forces, added:It’s critical that companies are not allowed to greenwash climate-wrecking fossil fuel expansion plans through initiatives like SBTi. No Adani Group company can be considered aligned with the Paris Agreement while it’s expanding the scale of the fossil fuel sector.” The move is the latest in a string of revelations and environmental and governance controversies at Adani Group that have led to concern from its insurers and investors.

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