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This fact sheet by Trend Asia criticizes the April 2023 Initial Public Offering (IPO) of PT Trimegah Bangun Persada Tbk (NCKL), a subsidiary of Harita Group. The document alleges that the company's nickel mining and smelting operations on Obi Island cause severe environmental degradation, human rights violations through forced relocation, and workplace fatalities, while relying on coal-fired power plants that contradict international climate commitments.

This case study by Trend Asia argues that the International Finance Corporation (IFC) and the World Bank Group are indirectly financing the expansion of captive coal power on Obi Island, Indonesia. Through investments in financial intermediaries like Hana Bank Indonesia and OCBC NISP, the IFC is linked to nickel refineries and smelters that rely on coal for power. The report highlights a critical loophole in the IFC's Green Equity Approach that excludes captive coal from its 'coal-related projects' definition. The resulting industrial expansion is linked to severe health issues (cancer, respiratory illness), environmental degradation (4 million tons of toxic waste annually), and increased poverty for local women, while generating emissions equivalent to six times those of Timor Leste.