Allianz/PIMCO: funding Adani’s climate catastrophe
Allianz/PIMCO is one of over 85 banks, insurers and engineering companies that have ruled out supporting Adani’s toxic project. Let us hold them to this promise.
Adani has failed to secure a private investor willing to directly fund their controversial project, so they are funnelling money from other parts of their business to prop it up. Enter Allianz and their subsidiary PIMCO.
As a major bondholder in Adani Ports, PIMCO and parent company Allianz are now tied up in Adani’s climate-cooking coal mine. Their massive investment in Adani Ports can now be funnelled to directly finance Bowen Rail, the company owned by Adani Ports, run by ex-Adani bosses and with plans to haul Adani’s dirty coal from pit to port.
Allianz/PIMCO claim to be a climate leader. Allianz’s CEO Oliver Bates says:
“… Climate change generates enormous economic and social risks. It is already harming millions of people today. As a leading insurer and investor, we want to promote the transition to a climate friendly economy…”
“… Now wouldn’t that be the greatest gift we can give to our children?”
Allianz/PIMCO care about their reputation and brand
They know that over two thirds of Australians’ oppose Adani’s mine and that investing in Adani is a massive risk.
This risk has now become a reality for Allianz/PIMCO, as the public, their staff and customers start to become aware of their involvement.
Allianz/PIMCO has a choice. They can help unlock the biggest untouched coal reserve on Earth, or they can be the climate leaders they claim.
Email Allianz/PIMCO’s Key Decision Makers across the globe
Demand they either convince Adani Ports to drop the disastrous Carmichael coal mine project, or they sell off their existing bonds in Adani Ports and reaffirm their commitment to rule out any financial support of Adani’s toxic project.
Hold them to account on their climate leadership and have them send a strong message to the global finance industry that climate leaders have no place in new thermal coal.