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Reuters Rothschild & Co has decided not to advise Adani in the financing or development of the $4-billion Carmichael coal mine in Queensland, Australia, a letter from the bank to an environmental group said.
The bank is also not advising the firm on the planned sale of stake in the Abbot Point Coal export terminal, said the May 12 confidential letter to Friends of the Earth, France.
A spokeswoman for the bank confirmed the authenticity of the letter but provided no further comment. The decision comes as banks and other financial institutions are facing increasing pressure to cut investments in coal, blamed for adding more carbon dioxide to the atmosphere than any other fuel, as the world moves to curb greenhouse gas emissions.
Friends of the Earth said in a statement that the decision by Rothschild came after several requests by it and partner organisations.
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