Adani has finally received environmental approval from the Queensland government for its proposed Carmichael mine in the Galilee Basin. At this point, in a standard news story about a multibillion-dollar project, we’d be reading about the domestic and global banks competing to be the lead financiers for the project, and those that would have to content with the crumbs. Along with that, there would be stories about the partners and subcontractors that would get the lucrative work of construction.
Instead, we have a long list of banks and other funding sources that have announced that they won’t finance the project, or have pulled out of announced and existing finance arrangements. The list includes the Commonwealth Bank (formerly a big lender to Adani), NAB, the Queensland Treasury, the State Bank of India and global banks including Standard Chartered (another former big lender), Citigroup, JP Morgan Chase, Goldman Sachs, Deutsche Bank, Royal Bank of Scotland, HSBC, Barclays, BNP Paribas, Credit Agricole and Societe Generale. The US and Korean Export-Import banks have been touted as possible sources, but they appear to have backed away.