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Across the world, people are turning their attention to bond market’s role in funding fossil fuel expansion.

We call on

Investors to stop all new bond purchases from companies expanding fossil fuels and divest existing bond holdings, including in passive funds, from companies that do not have phase out plans in line with 1.5C.

Banks to stop underwriting bonds issued by companies expanding fossil fuels.


Lombard Odier: don't buy Adani's fake green bonds

Lombard Odier was the first asset manager to be awarded B Corp certification, a prestigious label signaling a commitment to environmental responsibility.But the Swiss bank hasn’t acted on warnings from campaigners showing that Adani Green funds are being misappropriated to finance new coal mines. And in fact, Lombard Odier’s Adani holdings rose by 20% to nearly $140 million last year.

Tell Deutsche Bank, JPMorgan and Citi: stop underwriting Adaro's bonds

Adaro, Indonesia’s second largest coal miner, is clearing whole communities and ecosystems to keep digging up coal. And it’s doing so with the support from major banks like JP Morgan, Citi and Deutsche Bank that are underwriting its bonds.

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MSCI: Drop Adani from all indexes, now

MSCI has an outsized influence on the market and investors with its methodologies and indexes. Despite Adani’s fraud, stock manipulation and violation of financial laws, MSCI continues to include Adani Group companies in its mainstream and ESG indexes. This decision risks the integrity of MSCI’s methodologies and indexes.

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Dent debt to Adani

The Adani Group is the world’s largest private coal developer. After being continuously exposed for blatantly expanding coal, fuelling climate devastation and committing egregious human rights violations, it has now been accused of corruption, insider trading, money laundering and criminal behavior.


Learn more about Adani’s biggest bondholders and underwriters, and their (lack of) commitments to deny new debt to Adani Group.

Learn more about Adani's toxic bonds

Stop funding Adaro's bonds

The Adaro Group, Indonesia’s second largest coal mining company, is guilty of unrelenting coal expansion, unbridled corporate greed, exploitation of Indigenous communities, and destruction of biodiversity. Under Adaro’s reign, a sustainable way of life is under siege in Indonesia – and any banks backing Adaro are complicit.

Learn more about Adaro's toxic bonds

View campaigns led by members of the Toxic Bonds Network on fossil fuel bond issuers, investors and banks.