BNY Mellon Ditches Adani

    Stockholm (NordSIP) – In the latest of Adani’s woes, BNY Mellon has announced it was cutting ties with the Indian mining conglomerate. “After review, BNY Mellon has decided to resign from all legacy transactions with Adani in Australia and will not pursue additional transactions with Adani in Australia,” the American bank said.

    The decision is motivated by the recent revelations that an Australian subsidiary of Bank of New York Mellon (BNYM) could be playing a role in a new funding deal linked to Adani’s Carmichael coal project in Queensland, Australia, a project with a very negative environmental impact.

    “BNY Mellon has determined this business is not aligned with our ESG [environmental, social and governance] principles. Upon resigning, we are required to honour our contractual obligations during the unwind[ing] of these transactions until our roles are terminated. For the avoidance of doubt, BNY Mellon is not currently entering into, and does not intend to enter into, any new contracts with Adani in Australia,” BNY Mellon added.

    According to Market Forces, an Autralian NGO focused on pressuring financial institutions to to protect the environment, “BNY Mellon’s commitment makes it the 104th major company to rule out work for Adani on the climate-wrecking Carmichael coal project.”

    “This commitment was made after it faced a barrage of emails, phone calls, protests outside its New York City headquarters and a powerful message from the Wangan and Jagalingou Traditional Owners, asking it not to continue to support a project that is so damaging to the climate, environment and human rights,” Market Forces added.

    Image courtesy of Pixbay
    Filipe Albuquerque
    Filipe Albuquerque
    Filipe is an economist with 8 years of experience in macroeconomic and financial analysis for the Economist Intelligence Unit, the UN World Institute for Development Economic Research, the Stockholm School of Economics and the School of Oriental and African Studies. Filipe holds a MSc in European Political Economy from the LSE and a MSc in Economics from the University of London, where he currently is a PhD candidate.

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