British Lloyd’s insurer to stop insuring Australia’s Adani coal mine

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THE BHARAT EXPRESS NEWS INSURANCE NEWS
THE BHARAT EXPRESS NEWS INSURANCE NEWS

The British insurer of Major Lloyd’s of London will not insure Adani Enterprises’ Carmichael thermal coal mine, he said on Tuesday, adding to a growing list of Lloyd’s insurers who have made similar commitments.

Carmichael has sparked controversy in Australia with his plan to open a new thermal coal basin at a time of growing concern over global warming, in a region in need of jobs.

Read more: Insurers distance themselves from contested Australian coal project as backlash escalates

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“Brit will not write, never have, or write any policy relating directly to the Adani Carmichael Coal Mine itself,” Brit said in an emailed statement.

“Brit also confirms that she does not plan to renew the risks involving other works directly associated with the project.”

Twenty-six Lloyd’s unions have now said they will not insure the mine, according to the action group Assure Our Future.

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Adani has started construction in Carmichael with an associated rail project, with plans to start producing 10 million tonnes of coal per year from 2021.

The coal industry is in the spotlight for its higher levels of greenhouse gas emissions than crude oil.

Many insurers, especially in Europe, have pulled out of thermal coal insurance, but Lloyd’s of London insurers have continued to do so, industry sources say.

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That is likely to change after Lloyd’s released its first climate strategy for its 100 union members in December 2020, ending its previous no-intervention approach to the issue.

(Reporting by Carolyn Cohn; editing by Jan Harvey)

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