Pressure grows on banks to end business with Indonesian coal giant Adaro
By Hans Nicholas Jong JAKARTA — Calls are mounting for global financiers to cut ties with Adaro, one of Indonesia’s biggest coal companies, as the miner shows no sign of moving away from the fossil fuel despite its net-zero pledge. More than 33,000 people have signed an online petition calling on JPMorgan, Citi and Deutsche Bank to drop Adaro as a client. Citi has loaned $400 million to Adaro, while JPMorgan and Deutsche Bank’s environmental, social and governance (ESG) policies don’t rule out financing the company. Adaro is a major emitter, responsible for 0.28% of global CO2 output since the...