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(Reuters) — Major Lloyd's of London insurer Brit will not insure Adani Enterprises’ Carmichael thermal coal mine, it said on Tuesday, adding to a growing list of Lloyd's insurers who have made similar pledges.
Carmichael has provoked controversy in Australia with its plan to open up a new thermal coal basin at a time of growing concern over global warming, in a region that is in need of jobs.
“Brit does not, has never, and will not write any policies relating directly to the Adani Carmichael coal mine itself,” Brit said in an emailed statement.
“Brit also confirms that it does not plan to renew any risks involving any other works directly associated with the project.”
Twenty-six Lloyd's syndicates have now said they will not insure the mine, according to action group Insure Our Future.
Adani has begun construction at Carmichael together with an associated rail project, with plans to start producing 10 million tons 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, particularly in Europe, have pulled back from insuring thermal coal, but Lloyd's of London insurers have continued to do so, industry sources say.
This is likely to change after Lloyd’s issued its first climate strategy for its 100 syndicate members in December 2020, ending its previous hands-off approach to the issue.
Japan-based insurer Sompo Holdings Inc. will not insure and invest in new construction of coal-fired power plants in the country, Asia Insurance Review reports. The policy, which is effective from December, does not prevent Sompo from insuring coal projects in other countries and it does not affect projects for which underwriting, investment and financing have already been announced