On Wednesday campaigners from the Toxic Bonds Network congregated outside of abrdn’s Annual General Meeting (AGM) in Assembly Rooms to inform shareholders and clients about abrdn’s fossil fuel bond investments.

The groups also called on the asset manager to deny new debt to companies expanding fossil fuel projects.

Abrdn holds over $65 million in Adani Group bonds, making the asset manager one of the largest investors in the bonds of the world’s largest private coal developer.

The group say that abrdn ranks 12th among a list of top Adani bond holders that otherwise comprises large US-based investors such as BlackRock, TIAA and PIMCO and that Adani has been exposed for expanding coal, fuelling climate devastation and committing human rights violations.


Campaigners call upon abrdn to immediately deny new debt to companies expanding fossil fuel projects and divest existing bond holdings, including in passive funds, from fossil fuel companies that do not have adequate phase out plans in line with 1.5C.


Alice Delemare Tangpuori, Coordinator of the Toxic Bonds Network said: “Abrdn is taking advantage of the bond market to fund coal, oil and gas expansion. Investing in the likes of Adani Group is inexcusable and begs to question whether abrdn is exercising its due diligence and performing in its investors and clients best interest. To turn the business around, abrdn’s CEO Stephen Bird must step up and show clients and shareholders that it’s protecting their long term investments by excluding risky coal developers.”

Campaigners from the Toxic Bonds Network calling on abrdn to deny debt to fossil fuel expansionists, starting with Adani outside the abrdn Annual General Meeting at the Assembly Rooms in Edinburgh PHOTO ©Duncan McGlynn
Campaigners from the Toxic Bonds Network calling on abrdn to deny debt to fossil fuel expansionists, starting with Adani outside the abrdn Annual General Meeting at the Assembly Rooms in Edinburgh PHOTO ©Duncan McGlynn
Campaigners from the Toxic Bonds Network calling on abrdn to deny debt to fossil fuel expansionists, starting with Adani outside the abrdn Annual General Meeting at the Assembly Rooms in Edinburgh PHOTO ©Duncan McGlynn
Campaigners from the Toxic Bonds Network are calling on abrdn to deny debt to fossil fuel expansionists, starting with Adani outside the abrdn Annual General Meeting at the Assembly Rooms in Edinburgh PHOTO ©Duncan McGlynn
Campaigners from the Toxic Bonds Network are calling on abrdn to deny debt to fossil fuel expansionists, starting with Adani outside the abrdn Annual General Meeting at the Assembly Rooms in Edinburgh PHOTO ©Duncan McGlynn
Campaigners from the Toxic Bonds Network are calling on abrdn to deny debt to fossil fuel expansionists, starting with Adani outside the abrdn Annual General Meeting at the Assembly Rooms in Edinburgh PHOTO ©Duncan McGlynn
Campaigners from the Toxic Bonds Network are calling on abrdn to deny debt to fossil fuel expansionists, starting with Adani outside the abrdn Annual General Meeting at the Assembly Rooms in Edinburgh PHOTO ©Duncan McGlynn
Campaigners from the Toxic Bonds Network calling on abrdn to deny debt to fossil fuel expansionists, starting with Adani outside the ABRDN Annual General Meeting at the Assembly Rooms in Edinburgh PHOTO ©Duncan McGlynn Busker Daniel Rivington joins campaigners
Busker Daniel Rivington joins campaigners from the Toxic Bonds Network Campaigners from the Toxic Bonds Network are calling on abrdn to deny debt to fossil fuel expansionists, starting with Adani outside the abrdn Annual General Meeting at the Assembly Rooms in Edinburgh PHOTO ©Duncan McGlynn
Busker Daniel Rivington joins campaigners from the Toxic Bonds Network Campaigners from the Toxic Bonds Network are calling on abrdn to deny debt to fossil fuel expansionists, starting with Adani outside the abrdn Annual General Meeting at the Assembly Rooms in Edinburgh PHOTO ©Duncan McGlynn
Busker Daniel Rivington joins campaigners from the Toxic Bonds Network Campaigners from the Toxic Bonds Network are calling on abrdn to deny debt to fossil fuel expansionists, starting with Adani outside the ABRDN Annual General Meeting at the Assembly Rooms in Edinburgh PHOTO ©Duncan McGlynn
Busker Daniel Rivington joins campaigners from the Toxic Bonds Network .Campaigners from the Toxic Bonds Network call on abrdn to deny debt to fossil fuel expansionists, starting with Adani outside the ABRDN Annual General Meeting at the Assembly Rooms in Edinburgh PHOTO ©Duncan McGlynn
Campaigners from the Toxic Bonds Network calling on abrdn to deny debt to fossil fuel expansionists, starting with Adani outside the ABRDN Annual General Meeting at the Assembly Rooms in Edinburgh PHOTO ©Duncan McGlynn
Phyllis Stephen
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Founding Editor of The Edinburgh Reporter.
Edinburgh-born multimedia journalist and iPhoneographer.

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