London-based bank Standard Chartered has announced it is pulling out of a coal mining project in Australia.
It has decided to cut links with Indian company Adani in the Carmichael project.
Earlier this year, the bank said it would consult with its stakeholders about the possibility of participating in the project.
In a statement, it added: “As a result of this ongoing review by Standard Chartered and the delays experienced by Adani in receipt of its project approvals, both parties have agreed to end the bank’s role in the Carmichael project.”
The bank said it will be working with stakeholders on “how we participate responsibly in the coal power and renewable energy sectors” ahead of the Paris COP21 conference in December.
It added: “The emerging markets need reliable and accessible energy to support economic growth and this needs to be balanced by the environmental impacts of power generation. We believe the banking industry, investors, NGOs, governments and regulators all have a role to play in balancing this global dilemma.”