First major US insurer takes action on coal

FM Global has become the first US insurer to take action to limit coal insurance. Together with other international insurance companies, FM Global pledged not to support the Adani Group’s proposed Carmichael coal mine in Western Australia. The list includes Allianz, AXA, Generali and Zurich, reinsurers Munich Re, Swiss Re, SCOR, QBE and Suncorp.

The insurers responded to an appeal signed by 73 organisations and 37 other financial institutions that stated that developing the Carmichael mine would release up to 4.6 billion tonnes of CO2 over the lifetime of the project and would open up even larger coal deposits in the region’s Galilee Basin for exploitation. The project would also violate the land rights of the traditional Aboriginal owners and irreversibly damage the Great Barrier Reef, through which the coal would be exported.

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