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The report argues that the World Bank Group, Asian Development Bank, and Asian Infrastructure Investment Bank have policy gaps regarding 'captive coal'—coal plants dedicated to industrial facilities. It highlights how these loopholes risk funding carbon-intensive processing of minerals like nickel, which are essential for the energy transition, thereby undermining global climate goals.

The report details the 'destructive power' of the nickel industry in North Maluku, specifically across Weda Bay, Gebe Island, Buli Bay, Subaim-Wasile, and Obi Island. It highlights a paradox where the province's economic growth exceeds 20% due to nickel exports, while poverty increases and local livelihoods—such as fishing and farming—are destroyed. Key impacts include severe deforestation, water contamination with heavy metals (hexavalent chromium, nickel, and copper), and a surge in Acute Respiratory Infection (ARI) cases near coal-fired power plants. The document also records numerous industrial accidents at PT IWIP and the criminalization of residents resisting mining. It concludes that the 'clean energy transition' via electric vehicle batteries is built on an 'unclean and unjust' production chain.

The document details the negative impacts of Harita Group's nickel operations on Obi Island, including marine pollution, forced relocation of residents, and workplace fatalities. It highlights the company's reliance on coal-fired power plants (PLTU) and argues that the IPO of PT Trimegah Bangun Persada Tbk (NCKL) enables further destruction. The text specifically criticizes investors like Glencore and Fidelity International, as well as several global banking underwriters, for breaching net-zero and Paris Agreement commitments by supporting the company.

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.

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.