Adani

IEEFA Research

Fact-Checking the Claim That Australian Coal Is Clean

Studiously Avoiding the Trend Toward a New Energy Economy

We’re seeing an increasing number of boastful assertions by Australian politicians that Australian coal is environmentally friendlier than other coal. It’s not true—and we’ve published a fact sheet here that gets into the weeds of it—but one illuminating comparison can be found when you stack Australian benchmark thermal coal up next to coal from Indonesia, […]

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US$100 Billion in New Renewable Investments in 2015 Power India’s Energy Transition

Nov. 12, 2015 (IEEFA) — Investments worth more than US$100 billion over the past eight months are driving an unprecedented shift to renewable energy in India, according to a major new report from the Institute for Energy Economics and Financial Analysis (IEEFA). The report—India’s Electricity Sector Transformation—charts the accelerating influx of global capital into India […]

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India’s Fast-Moving Energy Transition: $100 Billion in Renewables Investments So Far This Year

A Crush of Deals With State-Owned Enterprises, Leading Power Companies, Billionaires, Major Firms and Utilities

Investments worth more than $100 billion over the past eight months are driving an unprecedented shift to renewable energy in India. The trend is detailed in a report we just posted—India’s Electricity Sector Transformation—that charts the accelerating influx of global capital into India as the country moves toward its goal of installing 175 gigawatts of […]

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New IEEFA Report – Adani: Remote Prospects

Obstacles to Adani’s Project in Australia Have Only Grown: The Strategic ‘Moment’ for Coal Mining in the Galilee Basin Has Passed; Public Investment Is Ill-Advised; Markets Will Not Support an Unbankable Development

Almost two years ago we published a review in which we raised doubts about the Adani Group’s proposed Carmichael coal mine in the Galilee Basin of Australia and the associated rail and port infrastructure development. The mine would ship coal through the port at Abbot Point in the Great Barrier Reef. Today we’ve published an […]

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India’s Electricity-Sector Transformation

New IEEFA report- India’s energy transformation gathers momentum

10 August, 2015: India’s ‘seven horses of energy’ electricity sector transformation is gathering pace, with far-reaching ramifications for renewable energy development and the structural decline of seaborne thermal coal, according to a new report released today by the Institute for Energy Economics and Financial Analysis (IEEFA) and Indian energy analysis firm, Equitorials. The report – […]

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IEEFA Study: Corporate Restructuring at Adani Enterprises Enhances Shareholder Value; Marginalizes Australian Coal Project; Better Aligns Adani Group With Transformation of India’s Electricity Sector

Proposed Development of Galilee Basin Project Will Become ‘Collateral Damage’

CLEVELAND, May 5, 2015 (IEEFA.org) — A report published today by the Institute for Energy Economics and Financial Analysis (IEEFA) concludes that Adani Enterprises’ recent corporate restructuring better aligns its parent Adani Group with minority shareholders and with new opportunities emerging in the Indian electricity sector transformation. It concludes also that the restructuring—which vastly reduces […]

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Global Energy Markets Transition Drives Thermal Coal Into Structural Decline

New Research by IEEFA Sees Slowing Demand for Coal and Rapidly Rising Investment in Renewables CLEVELAND, Jan. 14, 2015 (IEEFA.org) — Rapid expansion of renewable energy combined with weakening electricity demand are driving a structural decline in seaborne thermal coal markets, according to a new briefing released today by the Institute for Energy Economics and […]

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Briefing note: The Outlook for Financing for Australia’s Galilee Basin Coal Proposals

Briefing note: The outlook for financing for Australia’s Galilee Basin coal proposals By: Tom Sanzillo, IEEFA Director of Finance

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Briefing note: Fossil fuels, energy transition & risk, July 2014

Briefing note: Fossil fuels, energy transition & risk,  July 2014 (pdf) By Tim Buckley, Director of Energy Finance Studies, Australasia, IEEFA

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Briefing note: Fossil fuels, energy transition & risk

 Briefing note: Fossil fuels, energy transition & risk (pdf)

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More News and Commentary

IEEFA Asia: Adani, in Latest Report to Investors, Skips Mention of Its Australian Coal Project

As Energy Markets Continue to Evolve, Less Likelihood Carmichael Mine Will Be Developed

Adani Enterprises Ltd—the 100 percent owner of Adani Mining Australia Pty Ltd, the entity that owns the massive Carmichael open-cut coal proposal—is reporting a net loss of US$11 million for the three months to September 2016. This comes on the back of a 33 percent year-on-year decline in operating profits and an 18 percent rise […]

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IEEFA Australia: The Zombie Australian Coal Project That Won’t Die

Adani’s Plans for Carmichael Are on Life Support, but Still Alive

The announcement this week by Queensland Mining Minister Anthony Lynham that the proposed open-cut Carmichael coal plan is considered a “prescribed project” is yet another reminder that you still can’t say for sure that Adani’s dreams for north Australia are dead. The strategic merit remains questionable, the quality of the coal the project would produce […]

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Carmichael Project: Downsized & Delayed Yet Again, and Still Unbankable

Thursday 22 September 2016: According to reports in today’s Australian Financial Review (AFR), the Carmichael coal proposal has been downsized again to 25 million tonnes per annum (Mtpa), and the investment decision deferred yet again till the end of 2017. “Despite being downsized and delayed once again, even at a much reduced US$4bn, the Carmichael […]

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IEEFA Australia: World’s Biggest Open-Cut Coal Proposal is Smaller Now, Less Ambitious, Still Unbankable

Adani’s Fading Dream of a Vast New Mine in Queensland

Even after news this week that it is being downsized enormously—and delayed once again—Adani’s plan to build the biggest open-cut mine in the world remains wholly unbankable. The project, envisioned in 2010 as a $16 behemoth that would produce 60 million tonnes a year, is now being pitched by Adana as a $4 billion, 25 […]

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Adani Project Epitomizes ‘Frontline’ of High-Risk Coal Projects

Joshua Robertson for The Guardian: Miners seeking the green light to dig up Queensland’s Galilee basin should be stopped as a priority, according to a new report showing existing fossil fuels projects worldwide are enough to push global warming beyond 2C. The report by the research and advocacy group Oil Change International argues there is […]

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Analyst: Price Bump Seen Benefitting Coal Producers Unlikely to Last

Karl Mathiesen for Climate Home: Courtroom battles have gone Adani’s way. But the company’s lawyers can do nothing about a coal price that, despite recent gains, still languishes far below the mark analysts believe would make the mine a business worth pursuing. A 30% coal price bump in the past few months is related to […]

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Political Pressure in Australia to Block Taxpayer Subsidies for Carmichael Coal Project

Michael Slezak for the Guardian: The government is under increasing pressure to rule out public funding for Adani’s Carmichael coalmine, after the Senate passed a Greens motion calling on the Coalition to rule out financing the mine or any associated infrastructure. The government did not oppose the motion, so it was carried without a formal […]

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IEEFA Australia: Adani’s Carmichael Coal Project Remains Unbankable


The Market Math Does Not Add Up


All indications are that Adani’s long-persistent plans for its vast Carmichael coal-mine proposal in northern Australian remain unbankable. Here’s some tell-tale math: IEEFA estimates the cash cost of Carmichael product coal at A$33/t (A$27/t ROM coal with an 80% yield) plus $6/t for port, $10-15/t for rail ($10 if Adani owns the railway, $15/t if […]

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‘Bizarre’ Absence of Transparency Around Foundering Coal-Port Project in Australia

Joshua Robertson for The Guardian: Mystery still surrounds the control of one of Australia’s largest coal ports, which remains off the books of the Indian-based company that is listed as its owner with the Australian corporate regulator. The Mumbai-listed Adani Ports is registered with the Australian Securities and Investments Commission as the ultimate holding company […]

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Australian Prime Minister: ‘No Public Funding’ for Adani’s Proposed Mega-Mine

From the Times of India: There is no public funding for Adani’s 21.7 billion dollars coal mine project, Australian Prime Minister Malcolm Turnbull has said as he sought to assure a protester dressed in a fish costume that he took climate change “as seriously as you.” Turnbull made these remarks during an election campaign in […]

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