Adani Group on Big Blow, these three companies out of green list of UN backed SBTi
Adani Group
Adani Group Companies:
The Group with three companies Adani Green Energy, Adani Transmission and Adani Ports and Special Economic Zone have been removed from the list of United National Backed Science Based Target Initiative (SBTi). Those companies are kept in the list of SBTi, which take action against climate change.
The UN-backed group helps companies set up concrete plans to stop global warming, keeping in mind the targets of the Paris Agreement. According to Bloomberg, SBTi’s spokesperson said that the information presented by these companies has been evaluated and concluded that these companies are not working to their standards.
Two group companies still included in the list
Even though three companies have been dropped from this list, but two companies of Adani Group are still kept in this list. These two companies are Ambuja Cement and ACC. This decision has been taken by SBTi after reviewing five companies of Group.
Apart from Adani, these companies also
After updating the fossil fuel policy of SBTI, not only Adani Group companies have been excluded, but there are others as well. SBTI has taken out about 16 firms from its list. The UN-backed SBTI has singled out companies involved in exploration, mining of oil, natural gas, coal or other fossil fuels.
Adani group asked for proof
It has asked for evidence to exclude its three companies from this list. It says that none of its companies is involved in the exploration, mining or production of oil, natural gas, coal or other fossil fuels. Adani Group hopes that SBTI will change its decision.
Big blow for Adani Group
SBTi’s delisting is a major blow to Group as it seeks to raise around $800 million for new energy projects .
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