Probitas 1492 confirms move away from Adani

Probitas 1492 confirms move away from Adani | Insurance Business Australia

Environmental

Probitas 1492 confirms move away from Adani

Campaigners and traditional owners welcome “the right decision”

Environmental

By
Terry Gangcuangco

Image credit: taken by Denise Laura Baker, provided by Coal Action Network

Lloyd’s syndicate Probitas 1492, whose London office is pictured above during a protest in June, will no longer provide insurance for Adani’s Carmichael coal mine.

In a release, Insure Our Future member Coal Action Network cited Probitas chief executive Ash Bathia as telling Money Rebellion: “I can confirm that Probitas 1492 ceased to provide insurance for the Adani coal mine at the end of last year, and will also not provide any insurance support in the future for any ancillary or associated activities, including the trainline, once the existing policies expire in the next quarter.”

It was noted that the move makes the underwriting syndicate the sixth insurance company to withdraw backing after previously insuring the coal mine, and the 46th provider to rule out coverage.

“The Carmichael coal mine is one of the most controversial projects in Australia’s history,” commented Market Forces acting CEO Will van de Pol in a separate release by the Stop Adani Campaign. “It is being contested by traditional owners who have not given their consent, and poses unacceptable risks to water and agriculture, while fuelling worsening floods, heatwaves, and bushfires.

“Adani’s options for insurance are drying up. No financial institution should remain willing to back this destructive coal mine.”

For Money Rebellion’s Claude Fourcory, Probitas pulling out is a massive win for the movement.

“Deadly fossil fuel projects like Adani’s Carmichael mine can’t be allowed to continue,” Fourcory asserted. “Insurers at Lloyd’s of London are only going to see bigger and bigger protests, as more people understand their involvement in enabling climate breakdown.”

Meanwhile Wangan and Jagalingou cultural custodian Gurridyula Gaba Wunggu said Probitas has made the right decision.

“This shows the strength and determination of everyone who played their part in forcing their hand,” he said. “This is also a message to all other Adani financiers and insurers – we are coming for you, too, and we will not stop until you pull out from Adani.

“This has been the homeland of our people for millennia. Any insurer or financier still backing Adani is complicit in the destruction of Wangan and Jagalingou homelands and the ethnic cleansing of our culture and people. Don’t underestimate our determination. We plan to be here until Adani is forced to abandon this project so we can watch them pack up and leave our homelands for good.”

More than 110 companies in the banking, insurance, rail freight, and engineering sectors have already ruled out support for Adani Carmichael or the entire Adani Group.