The UN-backed organization supports businesses in developing specific plans to cut emissions in line with the Paris Agreement’s goal to slow global warming.
Adani Green Energy, Adani Transmission, and Adani Ports & Special Economic Zone have all been dropped from the list of “companies taking action” against climate change maintained by the UN-backed Science Based Targets Initiative (SBTi). The UN-backed organization supports businesses in developing specific plans to cut emissions in line with the Paris Agreement’s goal to slow global warming.
Bloomberg reported that an SBTi representative said: “The SBTi carried out an internal assessment based on publicly available and submitted information and concluded that the involved companies are not in conformity” with its standards and policy criteria. However, Ambuja Cements and ACC, two other Adani companies, have kept their spots on the list.
The SBTi reviewed the five firms – Adani Green Energy, Adani Transmission, Adani Ports & Special Economic Zone, Ambuja Cements, and ACC -on its list after non-profit organizations Eko and Market Forces requested it in March of this year. The three Adani Group companies were not included. The “interconnected financial nature of the group,” a “flagrant disregard” for corporate governance, and its ambitions to expand its use of fossil fuels were mentioned by these non-profits.
Companies from the Adani Group are not the only ones that have been dropped from the SBTi’s list following the revision of its fossil fuel policy, though. At least 16 further companies have been taken from the UN-backed SBTi’s list. The SBTi excludes companies having direct involvement in the exploration, extraction, mining, and/or production of oil, natural gas, and coal in accordance with its amended fossil fuel policy.
The Adani Group stated that it has asked the SBTi to justify the exclusion of the three companies and that it is “optimistic” that the SBTi would “review and reverse its decision.” “None of these companies are involved in the exploration, extraction, mining, and/or production of oil, natural gas, coal, or other fossil fuels,” an Adani Group spokeswoman informed the media company.
The group’s exclusion from the SBTi list is a significant setback because it is attempting to fund approximately $800 million for new energy projects as part of its aim to make Adani Group into the world’s largest generator of renewable energy.
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