Lancashire Group has “ruled out” underwriting Adani Mining’s controversial Carmichael coal mine project in Queensland, according to climate campaigners.
According to a statement released by the #StopAdani campaign, the Lloyd’s of London insurance syndicate confirmed to climate action group Market Forces that it “does not have an appetite for underwriting direct insurance exposure” for the Adani Carmichael project.
The campaign said that Lancashire Group is the 37th insurance company and the 26th Lloyd’s of London insurance syndicate to decline underwriting Adani’s coal project and that they would continue to pressure remaining Lloyd’s of London insurers, such as Hamilton Group, Ark, Markel and non-Lloyd’s specialty insurer Convex, to “follow Lancashire’s lead and publicly commit not to underwrite Adani Carmichael.”
“The insurance industry is finally turning its back on Adani’s climate wrecking coal mine,” said Pablo Brait, a campaigner at Market Forces. “Fossil fuels have no future in a world moving towards net zero emissions. Projects like Adani’s Carmichael mine are risks that insurers are increasingly not willing to take.”
Brait added that Lloyd’s “needs to follow the lead of its insurance syndicates which recognise that underwriting new coal is indefensible and ban insurance for Adani from its market.”
“With more and more insurers turning their backs on Adani’s climate wrecking coal project, Adani has an obligation to explain to its shareholders and business partners how it will insure the risky Carmichael coal project for the decades it intends to run it,” Brait said.
