Gautam Adani is increasing his footprint in fossil fuels, new research shows, even as the Indian billionaire vows to make his ports-to-power conglomerate carbon negative.
The Adani Group is doubling its coal-fired power capacity to 24 gigawatts, plans to own, develop or operate coal mines with a combined capacity of 132 million tons a year, and is pursuing oil and gas projects, including a partnership with France’s TotalEnergies SE, according to a report published Monday by environmental nonprofit Market Forces. The Australia-based organization, a vocal critic of Adani’s Carmichael coal project in Queensland, said its analysis is based on data from across several Adani holdings.
Taken together, these initiatives show a company that is making a significant negative contribution to global warming rather than preparing for the energy transition, said Pablo Brait, a campaigner at Market Forces.
The findings may increase scrutiny on the India-based group and its founder, who is rapidly rising up the ranks of Asia’s richest people and earlier this year signed one of the continent’s biggest clean energy loans with 12 global banks. While almost all of Adani’s coal assets are in India–where the government says it can’t prioritize eliminating emissions without sufficient financing from richer nations–it is facing growing pressure from activists and some investors over the Carmichael project.
A representative for the Adani Group didn’t respond to an email and call seeking comment. The conglomerate will transition to carbon negative “by carefully balancing our energy migration,” Gautam Adani said June 30 at the India Global Forum