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The document critiques the April 2023 IPO of PT Trimegah Bangun Persada Tbk (NCKL), alleging that the capital increase will fund further environmental degradation and social displacement on Obi Island. It highlights the use of coal-fired power plants (PLTU) for nickel processing, illegal waste disposal into the sea, and workplace fatalities. The report further claims that investors like Glencore and Fidelity International, and several underwriting banks, are violating their net-zero and Paris Agreement commitments by supporting Harita Group.

The document examines the expansion of captive coal power on Obi Island, Indonesia, used to fuel nickel refineries for the electric vehicle battery supply chain. It highlights how the International Finance Corporation (IFC) is indirectly linked to these projects through financial intermediaries like Hana Bank Indonesia and OCBC NISP. The author argues that the IFC's 'Green Equity Approach' contains a loophole that explicitly excludes 'captive coal-fired power plants' from its definition of coal-related projects, allowing continued funding. The report details severe environmental and social impacts on Obi Island, including toxic waste from High-Pressure Acid Leaching (HPAL) refineries, respiratory illnesses, and increased structural poverty for women, while calling for the World Bank Group to close these policy gaps.

Trend Asia critiques Indonesia's critical minerals industry, specifically nickel, as a 'green extractivism' model. The report alleges that the government uses National Strategic Project (NSP) status to bypass environmental laws, leading to massive deforestation, toxic pollution from coal-fired power plants, and severe labor abuses. It highlights a heavy dependence on Chinese capital, which it claims creates a vertical monopoly that exports value while leaving ecological and social devastation in Indonesia, including health crises and the loss of food sovereignty.