London-based Convex Insurance could insure one of the most environmentally destructive projects on Earth – Market Forces UK
The Adani Carmichael coal mine in Australia is one of the most environmentally and socially destructive projects on Earth. It will emit 4.6 billion tonnes of CO2 – equivalent to more than eight years of Australia’s annual greenhouse gas emissions – and unleash proposals for even larger mines in the Galilee Basin. If all these mines go ahead, the Galilee Basin alone could produce over 5% of global carbon emissions by 2030. The scale of the mine is so vast that it puts global climate targets in danger.
But there is a way to stop it.
One of the things Adani needs in order to operate its climate-wrecking coal mine, rail line and port is insurance. Without it, its coal project can’t function.
In late 2019, after being denied insurance by mainstream insurance companies, Adani was able to secure coverage for the Carmichael coal project via insurers at Lloyd’s of London. However, while it’s true that Adani Carmichael has managed to scrape together sufficient insurance so far, its options in the Lloyd’s marketplace are rapidly shrinking, with five of Adani’s current insurers – the latest being Ascot – now publicly refusing to renew their insurance policies associated with the project.
In total more than 40 major insurers have publicly ruled out any involvement with this climate-wrecking project. One notable exception is London-based Convex Insurance. This makes Convex one of the only companies left that could provide the much needed insurance for the project.
Join us in putting pressure on Convex to rule out any underwriting of the Carmichael project: send them an email by filing out this form. Help us make sure that the insurance the Adani Carmichael project so badly needs doesn’t get renewed under our watch.
Tell Convex it must insure our future, not the Adani Carmichael coal project!
Unfortunately, some companies have blocked emails coming through the Market Forces website. They think that they can silence you. But we have created a workaround to make sure that your message will still reach them.
Make sure you’re signed-in to your preferred email client and then use this form to tell Convex that insuring Carmichael coal is terrible for the climate, the Great Barrier Reef, water supplies, biodiversity and its reputation!
Earlier this month, we published a satirical video exposing Convex’s willingness to insure coal. It obviously hit the mark as Convex lodged a complaint to get it taken down from YouTube.
However, the video is still available for sharing as widely as possible on Facebook! Convex management will be very disappointed in you if you share it.
— Read on marketforces.org.uk/news/adaniconvex/