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BNY Mellon Cuts Ties With Billionaire Adani’s Coal Mine Flagship

  • Bank says operation is not aligned with its ESG principles
  • Australian project has been a lightning rod for climate groups
Gautam Adani

Gautam Adani

Photographer: Adeel Halim/Bloomberg

Bank of New York Mellon Corp. will sever ties with billionaire Gautam Adani’s contentious Carmichael thermal coal mine in Australia, the latest global financial institution to distance itself from the project.

“BNY Mellon has decided to resign from all legacy transactions with Adani in Australia and will not pursue additional transactions,” the U.S. lender said in a statement. “BNY Mellon has determined this business is not aligned with our ESG principles.”