Mandiri, Stop Funding Your Coal Mining!
Bank Mandiri leads a syndicate of five domestic banks financing Adaro Group's aluminium smelter project using captive power plants in northern Kalimantan.
Mandiri’s Commitment to Clean, Coal-Free Financing?
Pioneer of IKBI since 2018
Mandiri is one of eight banks that launched the Indonesian Sustainable Finance Initiative (IKBI) in May 2018.
Rp129T Green Portfolio
Mandiri's green portfolio as of 2023 reached IDR 129 trillion and already has an international standard Sustainable Bond Framework.
Adopsi ESG Guiding Principle
Mandiri already has Environmental, Social, Governance (ESG) Guiding Principles as guidelines for integrating ESG aspects into the company's activities.
Mandiri’s Involvement in Coal Projects
Mandiri has disbursed loans totaling US$ 3.485 billion and Rp 2.493 trillion since 2016-2023. This figure was obtained from an analysis of nine publicly listed coal companies.
A study released by Urgewald entitled "Still Banking on Coal" shows that in the period 2020-2023, Mandiri was one of the banks that provided significant financing to the coal sector, reaching US$ 1.3 billion. PT Huadian Bukit Asam Power (HBAP), a subsidiary of PT Bukit Asam Tbk (PTBA), received a credit facility from Bank Mandiri amounting to US$ 1.27 billion for the Sumsel-8 Mine Mouth Power Plant project.
Getting in on the Action
Call on Mandiri to Stop Funding Coal!
Send a tweet to Bank Mandiri to stop funding coal and switch to funding clean energy in Indonesia!
BCA Bank
BCA's CEO, Jahja Setiaatmadja, stated in March 2024 that BCA will not reduce existing coal loans, but may hold back on new loans.
BNI Bank
The ‘Still Banking on Coal’ report issued by think thank Urgewald (2024) shows that the increase in BNI financing in the coal sector reached 410%.
Financial Services Authority
OJK still includes captive power plant financing in the Taxonomy for Indonesian Sustainable Finance (TKBI) document.
BRI Bank
BRI Managing Director Sunarso stated that the company will limit coal loans at WEF 2022. Until 2023, Bank BRI is still the top 3 bank financing this dirty sector!