COLLATERAL WORRIES ON ESG FRONT
Norway's largest pension fund, KLP, recently dumped its entire holding of shares in Adani Green Energy, the renewables part of the empire, amid concerns that it might inadvertently have helped finance some of the world's most polluting activities via the stake. A February 10 public filing has since made clear that Adani is using stock from its green companies as collateral in a credit facility that's helping to finance the Carmichael coal mine in Australia, via Adani Enterprises.
KLP has blacklisted coal from its portfolio, so indirect financing of the Carmichael project would represent a "breach of our commitments", Kiran Aziz, KLP's head of responsible investing, said in an interview.
Since short-seller Hindenburg Research published its critical report on January 24, investors have responded to its allegations of fraud and market manipulation by selling Adani shares. But for investors with environmental, social and governance (ESG) mandates, there's an added layer of pain as they realise their green dollars were indirectly supporting the dirtiest of fossil fuels.
Esta historia es de la edición February 20, 2023 de Financial Express Mumbai.
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Esta historia es de la edición February 20, 2023 de Financial Express Mumbai.
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