Adani Power
NSE: ADANIPOWER11Greenwashing / Harmful· ProvisionalIndia's largest private thermal power producer, operating coal-fired power plants with total installed capacity exceeding 15,000 MW.
Why it's on ClimateTicker
Adani Power is India's largest private thermal (coal) power producer and has no legitimate claim to being a climate solutions company — its core business is large-scale coal combustion, which is among the highest-emitting activities in the energy sector. While the broader Adani Group includes renewable energy subsidiaries, Adani Power itself remains an unambiguously fossil-fuel operation with no validated decarbonisation pathway. Investors should treat any ESG or sustainability framing around Adani Power with extreme caution given governance scandals, a US federal indictment of group leadership, and the company's active role in expanding coal capacity.
Commitments & Certifications
Controversy & Greenwashing Watch
The Global Coal Exit List (GCEL 2025) classifies the Adani Group as the world's second largest developer of new coal power capacity, directly contradicting any green or transition narrative promoted by the group.source ↗
In November 2024, a Brooklyn federal grand jury indicted Gautam Adani, Sagar Adani, and associates on five counts including securities fraud and FCPA violations, alleging over $250 million in bribes to Indian officials to secure energy contracts, while misleading US investors about anti-corruption compliance.source ↗
Adani's planned coal mining in Hasdeo Aranya — one of India's largest intact forests, home to endangered wildlife and ~15,000 Indigenous Adivasi people — drew a Goldman Environmental Prize-winning resistance campaign in 2024, but the government overruled local authorities and allowed destruction to proceed.source ↗
In January 2023, Hindenburg Research alleged that Adani Group engaged in brazen stock manipulation and accounting fraud over decades, causing a market value collapse exceeding $100 billion; India's Supreme Court inquiry found no fraud, but SEBI investigation remains ongoing.source ↗
Multiple worker deaths were reported at Adani's Tiroda thermal power plant between 2012 and 2014, including a fatal blast and a structural collapse fatality, raising serious occupational safety concerns.source ↗
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