Tell Global Banks: break ties with Adaro NOW

Update, 26 September 2024: Thanks to over 58,000 of you who signed our petition, we’ve taken a significant step in pressuring banks to cut ties with the destructive coal giant Adaro. On Thursday 26 September, with our partners from Banktrack, we handed over your signatures to Deutsche Bank in Frankfurt. And here’s the good news: according to information obtained (right after the petition delivery) by Frankfurter Rundschau , Deutsche Bank does not plan to refinance Adaro’s €750 million bond. Together, we are making an impact!

Update: The pressure is working! People power forced Adaro to announce that it would no longer explore or expand thermal coal. This may be a positive sign, but it is not enough. Adaro needs a concrete exit plan. Instead, it plans to continue putting our climate and vulnerable communities at risk by expanding dirty metallurgical coal production. And this time, thanks to Adaro’s revised plans, many more banks are within its reach. So, we are expanding this petition to unmask more banks whose policies allow financial support to metallurgical coal miners wrecking our climate.

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The Indonesian village of Wonorejo was once a thriving community. But when energy giant Adaro bought up land surrounding it to build coal settling ponds, families fled. Now, Wonorejo is a ghost town where coal ash has blanketed a dilapidated school and an abandoned health post.

This form of reckless destruction by Adaro might continue if banks like UBS, JPMorgan, Morgan Stanley, Citi, DBS and Deutsche agree to back its upcoming $750 million bond.

But we can show these big banks that thousands of people across the world oppose its support for a company that is single-minded in its pursuit of coal.

Global banks know that Adaro lacks any credible plans to reduce emissions. Yet they insist on taking a bet on a coal miner destroying some of the last remaining North Kalimantan rainforests, migration routes of critically endangered Hawksbill Sea turtles, and livelihoods and incomes of people employed in traditional agriculture, livestock, and fisheries in Indonesia.

But growing public pressure has already compelled banks like BNP Paribas to rule out any financing or underwriting services to Adaro. If we come together, we can make these banks drop Adaro as a client for good.

If banks go ahead, Adaro will continue to flout Indonesia's commitment to fossil fuel phase-out and exacerbate environmental degradation and human rights violations. But we know it can be stopped because we’ve done it before. Like when Ekō members helped pile pressure on Deutsche Bank to end its involvement in Whitehaven Coal’s bond issue. But we need to all come together to win again.

Will you join the fight and stop UBS, JPMorgan, Morgan Stanley, Citi, DBS and Deutsche from underwriting bonds for Adaro Energy Indonesia?

Add your name and demand global banks break ties with Adaro.