8 November 2021
After being outed as part of a potential new funding deal for the Adani Carmichael coal project last month, Bank of New York Mellon (BNY Mellon) has done a full 180-degree turn and announced it will not sign any new contracts with Adani in Australia and is resigning from its current role. It has also confirmed that its bond investment in Adani’s coal port, the North Queensland Export Terminal (NQXT, formerly Adani Abbot Point Terminal), will end when the current batch of bonds it owns mature in 2022.
“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. BNY Mellon has determined this business is not aligned with our ESG [environmental, social and governance] principles.”
BNY Mellon has a long-standing role as security trustee for NQXT. This is what it is likely referring to as “legacy transactions”. It is unclear whether the potential new funding deal was related to the Carmichael mine, rail line, or the port but what is now clear is that BNY Mellon will not be a part of it.
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.