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Adani Ports may drop from four climate indices by MSCI

Environmental groups claim that the Carmichael mine will produce 200 million tonnes of carbon dioxide in 60 years.

The MSCI Climate Change Index will drop Adani Ports and Special Economic Zone (APSEZ). This comes as the Carmichael project had been termed ‘severe’. MSCI will also drop REC and IPCA Laboratories from the index while adding six new companies to the list.

Adani Ports may drop from four climate indices

Adani Enterprises owns the Carmichael project. Adani Ports became a wholly-owned subsidiary in August 2020 for haulage operations from the Carmichael mine to Adani’s North Queensland Export Terminal (NQXT). Earlier in March, the BRC ownership was transferred to Adani Global Pte.

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The Carmichael mine is expected to produce about 10 million tonnes of coal a year.

The Carmichael project has evoked sharp criticism from environmental groups and locals, who claim that the mine would produce 200 million tonnes of carbon dioxide during its 60-year life.

In March itself, Bank of New York Mellon Corp pulled out of providing financial services to Adani Group and its Carmichael coal mine in Australia. It said that the venture was incompatible with its environmental, social and governance rules.

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.”

MSCI spokesperson Lara Hudson confirmed to Fortune India that Adani Ports would be removed from the MSCI ACWI IMI Climate Change Indexes.

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