New Delhi (TIP): 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 US investment bank is the latest global financial institution to distance itself from the project after a campaign by local indigenous people. In a statement, 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 with Adani in Australia”.

“BNY Mellon has determined this business is not aligned without ESG (environmental, social and governance) principles,” it said. An e-mail sent to Adani Group for comments remained unanswered.

Adani Group, which rebranded its Australian mining business as Bravus Mining & Resources, is targeting the first shipment from Carmichael by year-end. It opted to self-fund the project after failing to secure external financing.