After a long battle with the Unfriend Coal campaign around its attempt to broker insurance cover for the Adani Group’s Carmichael coal mine in Australia, Marsh will now be discussing ending that support.
Marsh & McLennan and Marsh leaders are planning to meet with senior executives in New York on Thursday “to formulate a global Marsh position” on coal projects, said Nick Harris, CEO of Marsh Pacific, to staff in Australia yesterday, according to a Stop Adani press release.
This move comes after opposition to the US$1.5 billion project has grown among insurers and financial institutions, with more than 16 insurers ruling out support for the coal mine and Marsh facing increased pressure from its own employees. In fact, Market Forces staff surveys revealed just how strong concerns around the coal mine from Marsh’s own staff have been. These include:
Stop Adani reports that coal burned from the Carmichael mine would produce 4.6 billion tonnes of CO2, which is more than eight times Australia’s annual emissions. Meanwhile, constructing the mine and corresponding railway would pave the road for further mines of the same size in Queensland’s Galilee Basin.
“The global insurance industry is rapidly shifting away from coal and as the world’s largest insurance broker Marsh needs to join this trend,” said Peter Bosshard, coordinator of the Unfriend Coal campaign. “Only the most reckless companies will touch the Adani coal mine at this point, and climate campaigners will relentlessly target Marsh’s reputation and mobilise shareholders at its upcoming AGM if the broker gives the project a new lease of life.”
