Morgan Stanley has scrapped its scheme to build a cruiseship terminal at Thames River's Enderby Wharf that would have allowed the vessels to idle to power themselves.
The US financial institution said in a letter to the Greenwich Council that it is looking for new plans for the site after the governing body opposed the plan in response to objections from thousands of local residents, including the Mayor of London, UK's News Shopper reports.
“As the indirect owner of the site, we have taken this change into account, and listened to the comments expressed by both the council and the broader community," Morgan Stanley said in a letter to the council.
“As a result, we are discussing revised plans and proposals for the Enderby site that would no longer include a cruise terminal at Enderby Wharf and will continue to explore options to meet the needs of the council and the local community."
The bank was not immediately available for comment.
In a public statement, the council said it was pleased with Morgan Stanley's decision.
"The more we learned about the causes and impacts of air pollution, the louder the objections to the terminal became," said Danny Thorpe, leader of the Royal Borough of Greenwich.
"I shared our residents' concerns and earlier this year publicly called on the developers to rethink their plans, pushing for a cleaner, greener terminal."
Thorpe said the council will not support a plan involving polluting ships in Greenwich and the wharf area lacks affordable housing and quality public space.
"For the peninsula to thrive as a neighbourhood, people need somewhere to walk, somewhere to play, somewhere to relax," he said.
"I would like to see whether, together, we could build a new Peninsula Park on the riverfront for everyone to enjoy, with green spaces and safe paths for walking and cycling.
