Adani activists welcome Convex stance on thermal coal

Convex has issued a statement to say it will not provide insurance cover for the construction or operation of any new thermal coal mine projects including in Australia.

The statement yesterday from the UK and Bermuda-based specialty (re)insurer came following months of pressure from climate activists who have been pushing the business to provide a clear position in relation to the Adani project in Queensland.

Convex says in the statement it feels “obliged to correct inaccurate and misleading information concerning our alleged involvement in a new coal mine in Australia, which has been published both on social media and copied, unchecked, in certain media outlets”.

“Unfortunately, this campaign has the potential to unfairly affect a number of our environmental and sustainability partners, connected with the recently announced Convex Seascape Survey,” the statement said.

“Therefore, we would like to confirm that, in line with our [environmental, social and governance] policy, we will not insure the construction or operation of any new thermal coal mine and/or its dedicated infrastructure.”

Convex says the Seascape Survey brings together a team made up of world-class ocean and blue carbon scientists who will be involved in an ambitious five-year global research program to build a greater understanding of the properties and capabilities of the ocean and its continental shelves in the earth’s carbon cycle, as a part of the urgent effort to address climate change.

“In our view it would be a terrible irony if a science research project of this importance was impacted by a false rumour about the insurer that sponsors it,” Convex said.

Convex announced the Seascape Survey last November – a multi-million-dollar partnership with the Blue Marine Foundation, a charity dedicated to restoring the ocean to health, and the University of Exeter.

“Anticipating and mitigating future risks is at the heart of what we do at Convex,” Chairman and CEO Stephen Catlin said.

“Our ability to make informed decisions rests upon our access to and analysis of robust data – the same is true when combatting climate change.”

The #StopAdani campaign says Convex is the 43rd insurer to rule out underwriting the Adani mine project.

“Convex’s decision to stop insuring new thermal coal mines and their associated infrastructure means it has finally ruled out insurance for Adani’s disastrous Carmichael coal project in Australia,” Market Forces campaigner Edoardo Riario Sforza said.

“Now all eyes are on Helvetia Group and Lloyd’s of London. Helvetia needs to clarify its current and intended future relationship to the Adani Carmichael project, while Lloyd’s must now confirm that no syndicate of the Lloyd’s market will issue new, or renew existing, insurance for the Adani Carmichael coal mine and associated infrastructure.”