Bank of New York Mellon Corp has pulled out of providing financial services to Adani Group and its Carmichael coal mine in Australia, saying the venture is incompatible with its environmental, social and governance rules.
The U.S. investment bank is the latest global financial institution to distance itself from the project after a campaign by local indigenous people.
BNY Mellon said it had reviewed its relationship with the Adani Group and “has decided to resign from all legacy transactions with Adani in Australia and will not pursue additional transactions”.
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