Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

Rothschild withdraws from advising Adani on Australia coal project

Published 14/05/2019, 10:23 pm
© Reuters.  Rothschild withdraws from advising Adani on Australia coal project
ROTH
-
ADEL
-

PARIS, May 14 (Reuters) - Rothschild & Co ROTH.PA has decided not to advise India's Adani ADEL.NS in the financing or development of the $4 billion Carmichael coal mine in Queensland, Australia, a letter from the bank to an environmental group said.

The bank is also not advising the firm on the planned sale of stake in the Abbot Point Coal export terminal, said the May 12 confidential letter to Friends of the Earth, France.

A spokeswoman for the bank confirmed the authenticity of the letter but provided no further comment.

The decision comes as banks and other financial institutions are facing increasing pressure to cut investments in coal, blamed for adding more carbon dioxide to the atmosphere than any other fuel, as the world moves to curb greenhouse gas emissions.

The Carmichael coal mine, which has been in planning since 2010, has become a lightning rod for debate on climate change ahead of Australia's May 18 election. L8N21T089 L3N21P0OI

Friends of the Earth said in a statement on Tuesday that the decision by Rothschild came after several requests from Friends of the Earth and partner organisations.

It added that the announcement come two days before the release of a report that would reveal the bank's significant activities in the coal sector.

"While other French banks have restricted their coal advisory services, Rothschild & Co sees a financial windfall and is currently advising Uniper on the sale of its French coal plants to EPH," the NGO said in the statement. L8N1YT18L

It said the organisation will be present at Rothschild's general assembly meeting in Paris on May 16, and would ask management to put an end to all financial services related to the coal sector.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.