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Just six weeks after the <keyword id="12430412" type="General" weightage="20" keywordseo="glasgow-climate-summit" source="Orion">Glasgow climate summit</keyword> (<keyword id="8557638" type="General" weightage="20" keywordseo="cop26" source="Orion">COP26</keyword>), where the world agreed to phase down coal, Australia is opening the world's biggest new coal basin, the <keyword id="948066" type="General" weightage="20" keywordseo="galilee-basin" source="Orion">Galilee Basin</keyword> in Queensland. Coal giant <keyword id="76451" type="General" weightage="20" keywordseo="adani" source="Orion">Adani</keyword> is commencing its first exports of coal from the Carmichael mine. Adani says the first coal for export is "being assembled" at its coal port in Bowen, the North Queensland Export Terminal. Adani plans for the mine to be Australia's biggest, but has faced 10 years of opposition from Wangan and Jagalingou traditional owners and climate campaigners. Responding to the development, Joseph Sikulu, 350.org Pacific Coordinator, recently returned from COP26, says: "Just last month I was at the Glasgow climate summit when global governments pledged to phase down coal. Adani is doing the opposite of this agreement. "Adani and the governments who enabled them are throwing a wrecking ball at global efforts to protect the Pacific from the impacts of climate change. But we won't let them, we stand in solidarity with the Wangan and Jagalingou people. "We are in the fight of our lives to stop dangerous climate change. We simply cannot afford for Adani's mine to expand to 60 million tonnes per year. We will fight to keep every single tonne of coal in the ground where it belongs." Julien Vincent, Executive Director of Market Forces said: "People power has kept tens of millions of tonnes of Adani's coal in the ground. We'll keep fighting to prevent as much climate-wrecking coal from being mined and burned by Adani as we can. "At this point in the climate crisis, every tonne of coal counts if we are to avoid catastrophic climate impacts like mega fires and superstorms. Adani plans to pour fuel on the fire, continuing to build the Carmichael mine to be Australia's biggest, as well as new coal mines and plants overseas. "We're so close to denying Adani a critical source of finance it needs to be able to keep running the Carmichael mine: insurance. Over 100 companies have walked away from this disastrous project so far. If we keep pushing, we can stop it, permanently." On opposition to Adani's mine, Adrian Burragubba, Senior Elder and spokesperson for the Nagana Yarrbayn, Wangan and Jagalingou Cultural Custodians, said: "Wangan and Jagalinagou people first said no to Adani's mine in 2012, and we continue to say no. Adani has never had free prior and informed consent from the Wangan and Jagalingou people. "We will continue to resist Adani's coal mine, practice our culture, and assert our human rights as the first nations people of this country. We are not going away: this is our land and we have human rights." Wangan and Jagalingou people have been conducting the cultural ceremony Waddananggu for over 120 days on Wangan and Jagalingou country and Adani's mining lease. "This Ceremony will continue and our Human Rights to practice ceremony on the country must be respected," Burragubba added. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/reliance-industries-sun-pharma-dr-reddys-and-other-hot-stocks-to-watch-out-for-on-december-29/slidelist/88556621.cms" data-type="tilCustomLink">Reliance Industries, Sun Pharma, Dr Reddy’s and other hot stocks to watch out for on December 29</a> <a href="https://www.businessinsider.in/business/startups/news/nykaa-zomato-paytm-oyo-and-policybazaar-made-their-employees-millionaires/slidelist/88552831.cms" data-type="tilCustomLink">19 people who became millionaires by working for Indian tech startups</a> <a href="https://www.businessinsider.in/finance/banks/news/there-is-a-small-pool-of-hope-amid-all-the-fear-around-rbl-bank/articleshow/88538626.cms" data-type="tilCustomLink">There is a small pool of hope amid all the fear around RBL Bank</a>

Adani is commencing its first exports from world's biggest coal basin despite the protests

<keyword id="76451" type="COMPANY" weightage="100" keywordseo="Adani">Adani</keyword>'s $21.7 billion coal mine project in <keyword id="6355478" type="COUNTRY" weightage="100" keywordseo="Australia">Australia</keyword> was being targeted by a "foreign funded, highly orchestrated" group which influenced the traditional land owners and legal environmental challenges' to stop it, a new set of emails released by <keyword id="6409883" type="PERSON" weightage="20" keywordseo="wikileaks">WikiLeaks</keyword> has said. 
 According to news agency, in a series of emails, it has been disclosed that the <keyword id="3774525" type="UNKNOWN" weightage="20" keywordseo="us-based-sandler-foundation">US-based Sandler Foundation</keyword> funded Australia-based environmentalist group, the Sunrise Project, which offered "Wangan and Jagalingou people" financial support and scholarships if they opposed Adani's mine project and also boasted of its attempts to hide its funding sources from Australian parliament, according to 'The Australian' newspaper today. 
 According to report, the previously secret briefings as part of <keyword id="3043" type="PERSON" weightage="20" keywordseo="Hillary-Clinton">Hillary Clinton</keyword>'s campaign chairman <keyword id="1246082" type="PERSON" weightage="20" keywordseo="John-Podesta">John Podesta</keyword>'s emails, said Sunrise tailored its advice to indigenous communities in northern <keyword id="88075" type="COMPANY" weightage="20" keywordseo="Queensland">Queensland</keyword>, and that the "whole <keyword id="948066" type="UNKNOWN" weightage="20" keywordseo="Galilee-Basin">Galilee Basin</keyword> fossil fuel industrial complex is in its death throes". 
 It was also disclosed that an associated group, <keyword id="59430" type="ORGANIZATION" weightage="20" keywordseo="Human-Rights-Watch">Human Rights Watch</keyword>, offered to help Sunrise Project by keep its tax-exempt charity status because "the mining companies seem to own the Liberals (in Australia) and they play very dirty". 
 Human Rights Watch chief executive <keyword id="3774533" type="UNKNOWN" weightage="20" keywordseo="ken-roth">Ken Roth</keyword> further disclosed that his group received "charitable status by special parliamentary bill" in the "waning days of the <keyword id="6451308" type="ORGANIZATION" weightage="20" keywordseo="Labor">Labor</keyword> government". 
 In an email to <keyword id="3774528" type="ORGANIZATION" weightage="20" keywordseo="sandler-foundation">Sandler Foundation</keyword> last August after a decision against the Adani mine, Sunrise Project director <keyword id="3774534" type="UNKNOWN" weightage="20" keywordseo="john-hepburn">John Hepburn</keyword>, who is said to be the author of the strategy to block the mine, thanked the <keyword id="142144" type="CITY" weightage="20" keywordseo="Foundation">Foundation</keyword> for its support and wrote 'without your support none of this would have happened". 
 He wrote that he was going to buy a "few bottles of bubbly" for a celebration with "our colleagues at GetUp!!!!, <keyword id="69355" type="ORGANIZATION" weightage="20" keywordseo="Greenpeace">Greenpeace</keyword>, 350.org, Australian Youth Climate Coalition, Mackay Conservation Group, Market Forces and the brilliant and tireless Sunrise team". 
 <keyword id="657018" type="PERSON" weightage="20" keywordseo="Hepburn">Hepburn</keyword>'s email to the Foundation also mocked the coal industry for the claim "there is some kind of foreign-funded and tightly orchestrated conspiracy to systemically destroy the Australian coal industry". 
 Reacting to the latest disclosure, <keyword id="1057128" type="UNKNOWN" weightage="20" keywordseo="Adani-Australia">Adani Australia</keyword> chief executive <keyword id="2241514" type="UNKNOWN" weightage="20" keywordseo="Jeyakumar-Janakaraj">Jeyakumar Janakaraj</keyword> said the leaked emails were "evidence that these are broader well-funded activist campaigns as part of a wider anti-coal campaign that is being financially backed and influenced a long way from workers in Australia and those suffering energy poverty in India". 
 
"The leaks show, however, that the anti-coal campaign is not about the merits of the approval process at all; it's about activists motivated to stop jobs and investment,"he said. 
 The latest disclosure came days after the Queensland development minister <keyword id="2782550" type="UNKNOWN" weightage="20" keywordseo="Anthony-Lynham">Anthony Lynham</keyword> announced that the state government had invoked special powers to ensure the controversial <keyword id="110855" type="PERSON" weightage="20" keywordseo="Carmichael">Carmichael</keyword> coal and rail project starts next year. 
 
The project is now in its seventh year of the environmental approval process.

Adani's $21.7 billion coal mine
project in Australia is targeted by a "foreign funded” groups

<ul><li>Queensland’s Department of Environment and Science gave a go ahead for Adanis to start construction at the Carmichael coal mines.</li><li>The approval has been termed as bad news by environmental groups. </li></ul>After a decade long battle, Gujarat-based <keyword id="6367820" type="ORGANIZATION" weightage="20" keywordseo="adani-group">Adani Group</keyword> finally won the rights to develop its Charmichael coal mine in Queensland, Australia. The controversial coal mine became a hotbed for climate change concerns. But today, Adani <a href="https://www.abc.net.au/news/2019-06-13/adani-carmichael-coal-mine-approved-water-management-galilee/11203208">received</a> a go-ahead from Queensland’s Department of Environment and Science (DES). The approval was holding up the billionaire Gautam Adani-led group from kickstarting construction at the mine. The project to develop the mine also involves building a railway line which will connect the mine to Abbot Point port, aiding exports. This infrastructure is estimated to cost around $3.3 billion. However, there were concerns that the construction would have an adverse impact on the groundwater table. Added to that, the endangered finch bird which is native to the region, could also be affected, according to environmental groups. DES has been <a href="https://www.abc.net.au/news/2019-06-13/adani-carmichael-coal-mine-approved-water-management-galilee/11203208">reviewing</a> Adani’s groundwater management plan for over two years. Eminent scientific bodies like CSIRO (Commonwealth Scientific and Industrial Research Organization) and Geoscience Australia are among those which conducted reviews of the project’s groundwater management plan. Adani acquired the mines in 2010 and they were expected to produce 8-10 million tonnes of thermal coal a year. This coal can be used to generate electricity, though the quality of coal has been described as ‘low’ with high ash content. Not only was the coal mine acquisition controversial due to its claimed economic benefits and financial viability; it also ran into an environmental quagmire. The coal basin is located in a pristine area, and this approval was opposed by green groups who believe that it can affect the Great Barrier Reef. It is also believed to deplete the groundwater at its site and the carbon emissions will not help the delicate balance of the area either. The <a href="https://in.reuters.com/article/australia-coal-adani-ent/adani-wins-green-light-for-long-awaited-australian-coal-mine-idINKCN1TE0C0">approval</a> has been described as “bad news” by the Australian Marine Conservation Society.

Australia allows India's Adani Group to start construction at the Carmichael mine

An Australian environmental lobby today dragged <keyword id="6367820" type="COMPANY" weightage="80" keywordseo="Adani-Group">Adani group</keyword> in the <keyword id="2788314" type="ORGANIZATION" weightage="80" keywordseo="Land-court">Land court</keyword> of Queensland, objecting to the Indian mining giant's 16.5 billion dollars <keyword id="2447144" type="UNKNOWN" weightage="80" keywordseo="Carmichael-coal">Carmichael Coal</keyword> mine project in the coal-rich state on the ground that it would endanger biodiversity in the region. 
 
 
"Adani's mine will be the third biggest coal mine in the world. It will emit more carbon pollution and will warm the world more than any other proposed development," Coast and Country's Derec Davies said today after launching a five week legal action objecting to the project. 
 
 
"This case will draw on testimonies from water experts, climate and marine scientists, economists and financial experts and our case will demonstrate that this poses unacceptable risks. We will demonstrate that this dangerous mine should not be approved and that Adani should not be allowed to operate in Queensland," Davies said. 
 Covering 280 sq km, the Carmichael mine would be <keyword id="6355478" type="COUNTRY" weightage="80" keywordseo="Australia">Australia</keyword>'s largest and it would use a new 300 km rail line to transfer up to 60 m tonnes of coal a year to overseas markets. 
 Adani has argued the mine in the frontier Galilee Basin will create thousands of jobs and inject millions of dollars into Queensland's <keyword id="34412" type="ORGANIZATION" weightage="80" keywordseo="economy">economy</keyword>, including coal royalties. 
Arguing that the mine presented unacceptable climate change dangers and ecological risks, Derec said, "This mine will have severe impacts on the Great Barrier Reef, will threaten the tourism industry in Queensland and will negatively impact the economy." 
 
"The mine also threatens precious water resources and rare biodiversity," he added. 
 "This mine was given special treatment from the former <keyword id="369767" type="ORGANIZATION" weightage="80" keywordseo="Queensland-government">Queensland government</keyword> with royalty breaks and <keyword id="6357455" type="EVENT" weightage="80" keywordseo="Funding">funding</keyword> of its railway. The mining industry had too much power over decisions made by the former government," he said.

Gautam Adani, controversy’s favourite child! Know what’s
plaguing his Australian dream now

<keyword id="6367820" type="COMPANY" weightage="20" keywordseo="adani-group">Adani Group</keyword>'s Australian mining division Bravus Mining &amp; Resources has struck coal in the much controversial Charmichael project in Queensland. <keyword id="10224761" type="COMPANY" weightage="20" keywordseo="bravus-mining-and-resources">Bravus Mining and Resources</keyword> CEO David Boshoff noted that it was an exciting day for the over 2,600 people on the Project; a day that has been in the making for over a decade. "Nearly two years ago today we received our final approvals to develop the Carmichael mine and rail Project. We have faced many hurdles along the way, but thanks to the hard work and perseverance of our team, we have now reached the coal seams," the CEO said. Boshoff said Bravus was on track to export first coal as promised, in 2021. "We're on track to export first coal this year, and despite reaching this significant milestone, we will not take our eyes off our larger goal of getting coal to market," he said. Taking to Twitter, <keyword id="111343" type="PERSON" weightage="20" keywordseo="Gautam-Adani">Gautam Adani</keyword>, Chairman of Adani Group said: "Proud of my tenacious team who mined Carmichael's 'first coal' in the face of heavy odds. There couldn't be a better birthday gift than being able to strengthen our nation's energy security and provide affordable power to <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>'s millions. Thank you, Queensland and <keyword id="6355478" type="LOCATION" weightage="20" keywordseo="australia">Australia</keyword>." As per the company, India will be a foundation customer for the Carmichael mine and is the fourth largest global user of electricity as well as the source of the biggest growth in global energy demand. The mine has been at the centre of several protests and campaigns by environmentalists. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/heres-how-chinas-2021-crypto-crackdown-in-2021-differs-from-the-2017-ban/articleshow/83802778.cms">Here’s how China’s 2021 crypto crackdown in 2021 differs from the 2017 ban</a> <a href="https://www.businessinsider.in/business/startups/news/zomato-is-seeking-a-8-billion-valuation-in-its-ipo-does-it-make-sense/articleshow/83801848.cms">There are a few reasons why Zomato wants $8 billion valuation from its IPO -- here's a look at if it makes sense</a> <a href="https://www.businessinsider.in/cryptocurrency/news/elon-musks-tesla-may-have-lost-90-million-in-the-recent-crypto-crash/articleshow/83773974.cms">Bitcoin's dip to below $30,000 has Tesla sitting on a loss of $90 million even if the price recovers</a> <a href="https://www.businessinsider.in/india/faqs/delta-plus-variant-of-covid-19-all-you-need-to-know-about-this-variant/articleshow/83770735.cms">Delta Plus: All you need to know to need to know about the new Coronavirus variant</a>

Adani Group's Bravus Mining and Resources strikes coal at Australia's Charmichael project in Queensland

In order to transport coal out of the <keyword id="1471690" type="UNKNOWN" weightage="100" keywordseo="Carmichael-mine">Carmichael mine</keyword> for <keyword id="118623" type="COMPANY" weightage="100" keywordseo="Adani-Enterprises">Adani Enterprises</keyword>’ $7-billion project, Australia’s Queensland province will pick up a ‘substantial stake’ to become a co-investor in the infrastructure projects, for instance: providing port and rail connectivity. 
 "They (state government) are going to be a co-investor in the infrastructure project — and this is going to be the first time it's happening in Queensland," Adani Group’s chairman <keyword id="111343" type="PERSON" weightage="100" keywordseo="Gautam-Adani">Gautam Adani</keyword> told The Economic Times in an interview. 
 Talking about criticism by the Congress over <keyword id="6354731" type="CITY" weightage="60" keywordseo="State-Bank-Of-India">State Bank of India</keyword>'s (SBI) memorandum of understanding (MoU) with Adani group to lend $1 billion for the project, he said, “The controversy over this agreement was misguided as Adani had a 25-year relationship with India's largest commercial bank.” 
 
"A project set up by the private sector is getting support from the government of Queensland. They see the importance of the project," said the 52-year-old entrepreneur. Although he did not reveal the exact sum of investment, he disclosed that it would be a “substantial amount.” 
 
The Congress party had demanded an explanation from the Centre and the State Bank of India (SBI) over the latter's decision to lend $1 billion to the Adani group. It had also accused Prime Minister Narendra Modi of "taking interest in promoting the Adani group" and demanded that SBI should disclose the MoU it had signed with the Adani group.

Australia’s Queensland To
Fund Adani’s Port And Rail Projects

In a major setback to India’s leading mining firm <a href="http://www.businessinsider.in/searchresult.cms?query=Adani">Adani</a>, an <keyword id="108286" type="ORGANIZATION" weightage="20" keywordseo="Australian-court">Australian court</keyword> today revoked the environmental approval of the <a href="http://www.businessinsider.in/Gautam-Adani-controversys-favourite-child-Know-whatsplaguing-his-Australian-dream-now/articleshow/46756349.cms">controversial $16.5 billion project</a>. The company’s dream of building world’s largest coal mine was also opposed by green groups and local residents of Australia. 
 As per media reports, <keyword id="76451" type="COMPANY" weightage="20" keywordseo="Adani">Adani</keyword>'s environmental authority was set aside after the Federal court found that <keyword id="77716" type="POSITION" weightage="20" keywordseo="environment-minister">Environment Minister</keyword> <keyword id="1914189" type="UNKNOWN" weightage="20" keywordseo="Greg-Hunt">Greg Hunt</keyword> had not properly considered advice on two threatened species - the yakka skink and the ornamental snake in the Galilee basin. 
 
Mackay <a href="http://www.businessinsider.in/searchresult.cms?query=Conservation+Group">Conservation Group</a> had filed a case, challenging the approval earlier this year. The conservation group representative, <keyword id="2985804" type="UNKNOWN" weightage="20" keywordseo="Sue-Higginson">Sue Higginson</keyword>, said that now there was no legal approval for the mine in central Queensland. The group also said the judgment ruled that the approval by Environment Minister was invalid on environmental grounds. 
 
"What can happen from here is the Minister can re-make his decision, and of course in re-making that decision he can approve the mine again following the proper legal procedures, or he can refuse the mine; that is the legal power open to the Minister," Higginson said, adding “What our client says is that if the Minister wants to reconsider approving the mine there is a plethora of new evidence and information about that mine, so it will be no simple task to simply re-approve that mine. So really, the Carmichael mine is in a state of legal uncertainty.” 
 
The<a href="http://www.businessinsider.in/How-Biologists-Track-The-Most-Endangered-Amphibian-In-North-America/articleshow/21715733.cms"> Environment Department</a>, in a statement, informed that with the consent of the parties, the Federal Court had formally set aside the approval of the Carmichael Coal Mine and Rail Project. 
 
"This is a technical, administrative matter and to remove this doubt, the department has advised that the decision should be reconsidered. Reconsidering the decision does not require revisiting the entire approval process. Without pre-empting a final decision about the project, the department expects that it will take six to eight weeks to prepare its advice and the supporting documentation, and for the Minister to reconsider his final decision,” the statement read. 
 
Meanwhile, Adani, which recently suspended work in a number of areas on the mine as awaiting government approvals, termed the ruling as "technical legal error" and said it was confident that the matter would be rectified. 
 
The company said it was committed to ensuring its mine, rail and port projects in Queensland were developed and operated in accordance with Commonwealth and State laws and regulations, including strict environmental conditions. 
 
Image: Indiatimes

Adani’s grand project in Australia opposed by environmentalists, citizen and court

<keyword id="76451" type="COMPANY" weightage="100" keywordseo="Adani">Adani</keyword> Enterprises has signed a Memorandum of Understanding (MoU) with <keyword id="6354731" type="CITY" weightage="60" keywordseo="State-Bank-Of-India">State Bank of India</keyword> (SBI) for its upcoming <keyword id="6359350" type="UNKNOWN" weightage="100" keywordseo="coal-mine">coal mine</keyword> at Carmichael in Queensland, <keyword id="6355478" type="COUNTRY" weightage="60" keywordseo="Australia">Australia</keyword>. According to the MoU, SBI will provide a loan of up to $1 billion to the company. 
 "The MoU with SBI is a significant milestone in the development of our Carmichael mine," Adani Group Chairman and founder <keyword id="111343" type="PERSON" weightage="100" keywordseo="Gautam-Adani">Gautam Adani</keyword> said. 
 
The company also managed to get a commitment from the Queensland state government to take minority stakes in rail and seaport infrastructure required for transportation. Coal from the Carmichael mine is required to be sent 400 km away by rail to Australia's east coast. 
 
"We are bringing on board valued partners in different facets of this integrated project, ensuring we will meet our guidance of first coal in 2017," Adani Mining CEO Jeyakumar Janakaraj said. 
 
Adani wants to build the mine by 2017. However, experts believe that the target of opening a mine in 2017 is highly aggressive as there is no debt funding. Moreover, there is uncertainty over growth in demand for coal in India.

Adani Enterprises To Get $1-billion Loan From SBI For Its Coal Mine

Adani Enterprises faces another delay in implementing its $15 billion coal mine project in Australia, amid worries that a port expansion to accommodate the project may hurt the world heritage-listed Great Barrier Reef. 
 
Australian Environment Minister Greg Hunt has extended his review of Adani’s A$16.5 billion ($15.5 billion) Carmichael Coal and Rail Project to August 1, a spokesperson for the minister said. 
 
The project in the untapped Galilee Basin, designed to produce 60 million tonnes of thermal coal a year, has been attacked by green groups who are opposed to both new coal mines and the rail lines and ports needed to ship the coal. 
 
Abbot Point, the port that Adani plans to use, is facing a legal challenge from green groups fighting an expansion that will dredge up three million cubic metres of sand. The sand will be dumped near the Great Barrier Reef. 
 
The government’s move to put off a decision on the project comes just as UNESCO’s World Heritage Committee is due to vote on a proposal for putting the Great Barrier Reef in the ‘endangered’ list. 
 
“Approving (the project) now would have been tantamount to an act of provocation, with UNESCO currently mulling the status of Australia’s greatest natural icon,” said Ben Pearson, Greenpeace programme head.

Adani’s $15 Billion Coal
Project May Harm Great Barrier Reef; Australia Defers Decision Again

<ul><li><keyword id="111343" type="PERSON" weightage="20" keywordseo="Gautam-Adani">Gautam Adani</keyword> and family, the founders of <keyword id="6367820" type="ORGANIZATION" weightage="20" keywordseo="adani-group">Adani Group</keyword> of companies, has slipped out from the <keyword id="6373044" type="UNKNOWN" weightage="20" keywordseo="forbes">Forbes</keyword> list of top 20 <keyword id="6393637" type="UNKNOWN" weightage="20" keywordseo="Billionaires">billionaires</keyword>.</li><li>Adani and family had entered the top 20 in April this year as his wealth went up from $16.2 billion to $59.9 billion.</li><li>Ma Huateng, chairman of internet giant Tencent Holdings, overtook Adani on Friday.</li></ul>Gautam Adani, the founder and owner of the Adani Group of firms, has slipped out of the top 20 global billionaires list, as per Forbes’ real-time billionaires list. Ma Huateng, chairman of internet giant Tencent Holdings, overtook Adani and family on Friday. Adani’s net worth stood at $56.1 billion, as of 3.30 p.m., and is ranked 22, currently. In mid-June, shares of Adani Group fell sharply on the stock market as National Securities Depository Limited (NSDL) froze the accounts of <a href="https://www.businessinsider.in/stock-market/news/adani-group-under-sebi-scanner-on-market-manipulation/articleshow/83501698.cms">foreign investment firms</a> who had stakes worth ₹43,500 crore in Adani’s four listed companies — Adani Enterprises, Adani Green Energy, Adani Total Gas and Adani Transmission. The 59-year old Adani entered the Forbes list of top 20 in<a href="https://www.businessinsider.in/thelife/personalities/news/gautam-adani-has-entered-the-top-20-list-of-worlds-billionaires-as-per-forbes/slidelist/81925728.cms"> April</a> this year, as his wealth leapfrogged from $16.2 billion to $59.9 billion. Adani Group was the third indian conglomerate to cross the $100 million market cap after <keyword id="10926" type="CITY" weightage="20" keywordseo="Reliance">Reliance</keyword> and <keyword id="8555" type="CITY" weightage="20" keywordseo="Tata">Tata</keyword> Group. The Adani Group saw a meteoric rise on the domestic stock market last year, making Gautam Adani and family Asia’s second richest on May 14, according to Bloomberg Billionaires Index. The family’s overseas assets include Carmichael coal in Australia, which got the permission after a 9-year wait to start the work. Despite heavy criticism from various sections of the population and banks refusing to fund, Adani Group went ahead with the project including the construction of a new railway line which will connect Australian port to the mine, 300 kilometres away from the city of Queensland. One of the reasons behind the <a href="https://www.businessinsider.in/stock-market/news/adani-group-listed-stocks-every-10000-invested-last-year-is-now-worth-52000/articleshow/82968072.cms">stock surge</a> of Adani Group last year was the acquisition of 74% stake made by the company in India’s second busiest airport — Mumbai International Airport. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/google-is-working-on-a-new-app-to-let-you-store-your-medical-records/articleshow/84059948.cms">Google is working on a new app to let you store your medical records</a> <a href="https://www.businessinsider.in/tech/apps/news/battlegrounds-mobile-india-official-download-link-how-to-update-bgmi-rewards/articleshow/84058116.cms">Battlegrounds Mobile India launched officially – here’s how to update, claim rewards and more</a> <a href="https://www.businessinsider.in/business/startups/news/failure-to-pivot-covid-19-blues-force-amazon-backed-shuttl-to-look-for-a-buyer/articleshow/84056797.cms">Failure to pivot, COVID-19 blues force Amazon-backed Shuttl to look for a buyer</a>

Gautam Adani and family slip out of world’s top 20 billionaires, as per Forbes

<ul><li>The shares of <keyword id="895682" type="COMPANY" weightage="20" keywordseo="Adani-Ports">Adani Ports</keyword> and Special Economic Zone are down by nearly 5% on April 13 after S&amp;P announced that it would be removing the company from its Dow Jones Sustainability Indices.</li><li>The dip comes after the shares of the company already fell by nearly 9% on April 12.</li><li>In the last two days, Adani Ports has nosedived by nearly 14% on fears of slump on global trade — and the company’s history in Myanmar isn’t helping.</li></ul>The share price of Adani Ports is down by 4.9% as of 12:00 pm. This comes after the US-based S&amp;P announced that they will be removing the company headed by Gautam Adani — one of India’s richest men — from its Dow Jones Sustainability Indices. This comes after the stock already fell by nearly 9% on April 12. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[<div class="flourish-embed flourish-chart" data-src="visualisation/5839415"></div>]]></cdata></div> After a strong show in recent months — despite the pandemic playing havoc — the nose dive of Adani Ports’ shares aren’t just a factor of the Myanmar controversy. The market is also in fear of a slump in international trade as the second wave of COVID-19 infections is triggering countries around the world to be on guard. This led the Sensex to crash by 1,700 points yesterday. <div type="Article" hostid="261" msid="82043202" title="Gautam Adani and Mukesh Ambani cumulatively lost nearly $7 billion as the markets plunged" mstype="2" mssubtype="0"></div> <cmsannotation type="cmsannotation" annotationid="S&amp;P scraps Adani Ports from its indices" comment="subhead" text="S&amp;P scraps Adani Ports from its indices">S&amp;P scraps Adani Ports from its indices</cmsannotation> “Analysis triggered by recent news events pointing to heightened risks to the company regarding their commercial relationship with Myanmar’s military, who are alleged to have committed serious human abuses under international law,” said the <a href="https://www.spglobal.com/spdji/en/documents/indexnews/announcements/20210412-1355163/1355163_djsi-adani-20210412.pdf">announcement</a>. Earlier this month, the Australian Centre of International Justice (ACIJ) and activist group Justice for Myanmar (JFM) had also <a href="https://www.businessinsider.in/stock-market/news/gautam-adanis-adani-ports-share-price-rallies-even-as-nse-and-bse-are-being-called-on-to-take-action-against-the-company-for-myanmar-military-ties/articleshow/81843747.cms">called on</a> India’s National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) to take cognizance of the allegations. The civil liberties organisations’ stated that Adani Ports was ‘factually misleading’ its stakeholder, but no action has been taken so far. “This shows there are commercial consequences for Adani Ports’ and other businesses that continue to disregard human rights responsibilities by financing the Myanmar military,” said Justice For Myanmar spokesperson <a href="https://www.justiceformyanmar.org/press-releases/adani-ports-removed-from-dow-jones-sustainability-index">Yadanar Maung</a>, hailing the S&amp;P’s decision. Adani Ports did not immediately respond to an emailed request for comments from Business Insider India. <cmsannotation type="cmsannotation" annotationid="What are the allegations leveled against Gautam Adani’s company?" comment="subhead" text="What are the allegations leveled against Gautam Adani’s company?">What are the allegations leveled against Gautam Adani’s company?</cmsannotation> Adani Ports and Special Economic Zone is one of the largest private port operators in India. And, it has plans to build a $290 million port in Yangon on land that it has leased from the Myanmar Economic Corporation (MEC). The problem lies in the fact that the MEC is run by the Myanmar military. And the military has been accused of violating human rights when it <a href="https://www.businessinsider.in/international/news/people-in-myanmar-are-using-trash-to-protest-as-the-death-toll-climbs-to-more-than-500/articleshow/81770094.cms">toppled the government</a> on February 1. The coup led to the deaths of at least 700 people. The incident drew criticism from all corners of the globe, including <a href="https://www.businessinsider.in/politics/world/news/biden-announces-sanctions-targeting-myanmar-military-leaders-to-urge-them-to-release-detained-elected-leaders/articleshow/80826948.cms">sanctions from the US</a> and Britain on the MEC and Myanmar Economic Holdings Public Company Limited (MEHL). “Adani Ports’ business with a Myanmar military company is reflective of its unethical business also demonstrated via its contribution to the climate crisis, through its involvement in the proposed Adani Carmichael coal project in Australia,” pointed out the executive director of the ACIJ, <a href="https://acij.org.au/joint-media-release-adani-ports-removed-from-dow-jones-sustainability-index/">Rawan Arraf</a>. In an earlier statement, <a href="https://www.adaniports.com/Newsroom/Media-Releases/Media-Statement-from-Adani-Group-on-Myanmar-Situation">Adani Ports spokesperson</a> said that the company is looking into the allegations. “Much like our global peers, we are watching the situation in Myanmar carefully and will engage with the relevant authorities and stakeholders to seek their advice on the way forward,” they said. SEE ALSO: <a href="https://www.businessinsider.in/business/news/gautam-adani-and-mukesh-ambani-cumulatively-lost-nearly-7-billion-as-the-markets-plunged/articleshow/82043202.cms">Gautam Adani and Mukesh Ambani cumulatively lost nearly $7 billion as the markets plunged</a> <a href="https://www.businessinsider.in/business/corporates/news/tcs-has-broken-many-records-in-the-last-the-three-months-from-revenue-to-new-deals-to-new-hiring/articleshow/82034522.cms">TCS has broken many records in the last three months — but that isn't good enough for the market</a> <a href="https://www.businessinsider.in/finance/news/rbis-g-sap-1-0-is-certainly-a-much-needed-demand-lever-to-support-the-government-borrowing-programme/articleshow/82042416.cms">RBI’s G-SAP 1.0 is certainly a much needed demand lever to support the government borrowing programme</a>

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