PRIVATE FINANCING of COAL and FOSSIL FUELS / ASIA’S DIRTY COMPANIES
We are alarmed over this news of Meralco’s new power supply agreement. This means we will be locked into additional coal and gas power for the next 20 years. Coal and fossil fuels are major causes of greenhouse gas emissions. Their far-ranging environmental and health effects are bad for people, communities, and the climate.
In less than three decades, the Jakarta-based firm Adaro Energy has grown into one of the largest producers of thermal coal in the country and in the region. By end-2017, it posted a 45% spike in net profits to reach more than $480 million, surpassing net profits registered by Indonesia's largest coal producer. The following year, it reported revenues amounting to $3.6 billion, and together with a private equity firm, also acquired coal assets of the Australian mining giant Rio Tinto for $2.25 billion.2 It has since acquired 80% of Rio Tinto’s interest in the Kestrel mine in Central Queensland, Australia.
Adaro Energy currently and its subsidiaries currently cover a whole range of coal mining activities that include exploration, drilling, transport and maintenance.