Wind farm turbines on the water


India & Adani

CEF in the media  |  Sep 13, 2023

Why do investors care little of Adani’s weak governance?

Capital Monitor

“These reports detail a multitude of new allegations and report hard evidence that a web of now named associates of the Adani Group has engaged in deliberate stock price manipulation and thin capitalisation,” Tim Buckley, director of Australian-based independent think tank Climate Energy Finance, wrote on LinkedIn. Read more
CEF in the media  |  Jul 27, 2023

Fixed income asset managers continue to fund fossil fuels

Capital Monitor

At the beginning of June, the Toxic Bonds initiative collected evidence that confirms that funding into Adani Green Energy is being redirected, through collateralisation and related party transactions, to other Adani Group entities directly responsible for coal expansion projects. “Any so-called green investment in Adani Green directly supports the wider Adani Group to be the world’s largest private coal mine and coal power plant developer,” says Tim Buckley. Read more
CEF in the media  |  May 22, 2023

Australia’s renewable superpower ambitions could be turbo-charged by Biden compact

Renew Economy

Tim Buckley says the new US-Australia Climate, Critical Minerals and Clean Energy Transformation Compact agreed by US President Biden and PM Albanese provides a landmark policy statement of strategic intent, formalising collaboration and coordination of policies and investments to expand and diversify the clean energy and critical minerals supply chains that underpin global decarbonisation. Read more
CEF in the media  |  May 9, 2023

Weekly data: how Adani lost its green credentials

Energy Monitor

Tim Buckley notes that Adani is “investing far more in new fossil fuel projects than in zero emissions alternatives”, it is “undermining its ESG claims to be the green energy champion of India”; and that a silver lining of Hindenburg’s report is that “India may see the folly of pursuing an expensive imported fossil fuel expansion plan that increases India’s energy security risks”. Read more
CEF in the media  |  Apr 26, 2023

Adani’s Billionaire Brother Starts to Retreat as Scrutiny Builds


Bloomberg looks at Vinod Adani, Gautam’s brother and a key figure in the family empire, who has cut ties with companies linked to the Carmichael project. Tim Buckley, who’s observed the conglomerate for years, said it seems like a “logical house-cleaning” to distance Vinod from the Adani empire. Read more
CEF in the media  |  Apr 18, 2023

What the Adani Group’s record says about power, politics and diplomacy in India, Bangladesh, Myanmar and Sri Lanka


Citing Tim Buckley’s commentary on Adani Group, Himal Southasia magazine panellists look at the conglomerate’s long reach – from energy to transport and logistics, from India to Sri Lanka and Bangladesh and Myanmar – which says as much about the conglomerate as it does about power, politics and diplomacy in the region. Read more
CEF in the media  |  Mar 30, 2023

Is Vinod Adani The Mastermind Behind His Brother’s Empire?


Forbes probes Vinod Adani, Gautam’s older brother accused by Hindenburg of market manipulation and money laundering. “While his brother gives speeches and hobnobs with politicians, Vinod stays in the shadows. ‘I’ve always thought it was a partnership,’ says Tim Buckley. ‘Gautam was the warm, cuddly, friendly public face, and Vinod was the mastermind in the private tax haven, the real puppet master’.” Read more
CEF in the media  |  Mar 28, 2023

Do Adani’s woes matter for India’s clean energy transition?


Tim Buckley said that Adani’s woes may bring benefits to opening space for other companies. There are other Indian companies interested in investing in renewable energy and now there could be an acceleration of India’s transition to cleaner energy. “Adani Group’s continuing interest in new fossil fuel projects put the Indian government under pressure to deliver a fossil fuel agenda and less pressure to deliver on renewables. At the end of the day, it’s about removing the biggest single private developer of new fossil fuel projects in India, reducing their impact on the political system and democracy in India.” Read more
CEF in the media  |  Mar 25, 2023

Behind Adani Deals, an ‘Elusive’ Elder Brother

Wall Street Journal

“Many of the foreign entities controlled by Gautam Adani’s brother Vinod appear to function as middlemen for shifting money around the conglomerate while obscuring the source of those funds, analysts and critics said. Many of the companies had no obvious signs of operations or reported employees, yet collectively moved billions of dollars into Indian Adani entities, often without required disclosures, Hindenburg said. ‘I’ve never seen a corporate structure so opaque, so untraceable,’ said Tim Buckley.” Read more
CEF in the media  |  Mar 4, 2023

As Adani Group saga casts a shadow over Modi and India’s economy, will both emerge unscathed?

South China Morning Post

Two years ago, PM Modi vowed that half India’s energy needs would come from renewables by 2030, and Adani unveiled plans to spend US$70bn on green investments, such as batteries, solar and green hydrogen. Post the Hindenburg report allegations, Tim Buckley said: “The Adani Group is unlikely to be able to access any material amount of new capital to complete the proposed green-investment pipeline beyond the existing new facilities already financed and under development”. Read more
CEF in the media  |  Mar 3, 2023

Heads Adani Wins, Tails Bangladesh Loses: A Lopsided Power Deal

The Wire

Tim Buckley on Adani’s deal to sell power from its Godda plant to Bangladesh: “This appears to be the most expensive, lopsided contract to replenish the pockets of the ex-richest man in Asia, at the expense of the people in Bangladesh.” Read more
CEF in the media  |  Feb 28, 2023

Adani power purchase against ‘public policy’: How could such a deal be signed?

The Daily Star, Bangladesh

On Adani’s deal with Bangladesh to purchase power from the company’s Godda coal-fired power plant, Tim Buckley said: “The way I would put it is heads Adani wins, tails you lose. The contract is so biased against the interests of Bangladesh to the point that one has to wonder why any sensible person would sign it on behalf of the Bangladeshi government. Read more

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