This is a huge victory. US Bank BNY Mellon are one of the biggest banks in the world, and they’re pouring billions into fossil fuels. Now, after years of pressure led by indigenous groups, BNY Mellon are pulling funding out of the giant Adani Carmichael coal mine in Australia.
The coal mine is set to be one of the biggest coal mines in Australian history – shipping out 60 million tonnes per year. And the construction bulldozes straight through the ancient Doongmabulla Springs, which sits in the land of the traditional custodians, the Wangan and Jagalingou people. That’s why they’re speaking out against BNY Mellon’s financial support for the coal mine. And that’s why they put their bodies on the line by occupying the construction site.
This victory doesn’t spell the end of the mine’s construction. There are tonnes of organisations funding or supporting the coal mine. But BNY Mellon are the 104th company to stop working on the project – and they’re one of the biggest. So it’s an important blow to the project’s reputation, and its wallet. This could spark a bunch of banks falling to the pressure and dropping their financial support for the mine.
“No company which claims to care about the climate can justify any involvement with a massive new thermal coal mine, its associated rail line and port, and the company building it. The world’s banks, investors and insurers must cut ties with the Adani Group until Adani Group abandons the Carmichael project.”
It’s incredible to see so many grassroots groups and thousands of people coming together with the indigenous custodians and taking on BNY Mellon. Just days before BNY’s decision to pull out, campaigning groups helped to expose BNY’s plans to invest in the coal mine as they were set to join the Glasgow Financial Alliance for Net Zero. Exposing BNY Mellon’s hypocrisy helped to push them into their decision to cut ties with the coal mine.
This is what happens when thousands of us come together and stand alongside indigenous groups. There’s a long way to go. The coal mine is still getting investment, and it’s still being built. But the results of determined protest are clear. And we’re not stopping any time soon.
Check out the “Wangan and Jagalingou – Standing Our Ground” Twitter page here: https://twitter.com/WJWarriors
Join the #StopAdani campaign here: https://www.stopadani.com/