Coal India IPO shows mountain we have to climb: prospectus doesn't mention climate change once in 510 page exhortation to invest
In the largest ever initial public offering on the Indian stock exchange, Coal India, a huge government-owned coal company, recently offered 10% of its shares to investors at home and abroad.
What was at stake was essentially a $35bn (£21bn) bankrolling of enhanced global warming by the capital markets. Yet Coal India's prospectus, crafted with the help of a clutch of big-name investment banks, did not mention climate change once in 510 pages of exhortation to invest.
And invest the fund managers did, unfettered by risk regulation or any meaningful requirement to place a value on the climate consequences of their scramble for short-term profit. The offering was oversubscribed 15 fold, and the stock soared on the first day of trading, 4 November, valuing Coal India at $49bn.