Calls for Lloyd's of London to rule out insurance for Adani coal mine

Calls for Lloyd's of London to rule out insurance for Adani coal mine | Insurance Business

Calls for Lloyd

Climate campaigners from the Stop Adani campaign and Pacific Climate Warriors are calling on Lloyd’s of London and its members to follow the lead of 23 major insurers in ruling out insurance for Adani’s Carmichael coal mine.

If built, the coal mine is expected to add around 4.6 billion tonnes of carbon pollution to the atmosphere over its lifetime, the campaigners state.

Lloyd’s has confirmed that some of its members started insuring Adani’s coal mine in 2019. However, it refused to name the members involved and has refused to put in place a market-wide policy excluding all of its members from insuring coal mines, the campaigners said.

In a letter to Lloyd’s of London, the campaigners said the mine would destroy ancestral lands, waters, and the cultures of Indigenous people; drain 270 billion litres of Queensland’s groundwater for 60 years; and open the Galilee Basin, one of the world’s largest untouched coal reserves.

“Lloyd’s of London is profiting from climate destruction by providing morally bankrupt companies like Adani with insurance,” said Claudia Lang, the spokesperson for Stop Adani campaign.

“Adani’s climate-wrecking coal project is a reputational disaster for companies who associate with it, that’s why 24 major insurers have taken a stand and publicly ruled out insurance for Adani. Lloyd’s must follow their lead and stop insuring Adani.”

Lindsay Keenan, the spokesperson for the Insure our Future campaign, added: “It is time for Lloyd’s to put in place regulations that commit all of Lloyd’s market members to not insuring the Adani Carmichael coal mine as part of a broader policy that moves Lloyd’s and its members away from insuring the fossil fuel projects that are driving climate change.”