Ratings agency Moody’s has confirmed (paywalled) that Adani Group has had to pay back the US$500m of bonds issued by its NQXT coal port (formerly Adani Abbot Point Terminal) from its own pocket. The bonds matured on 15 December 2022. NQXT, situated in the Great Barrier Reef World Heritage Area, … Read More
Lloyd’s and Probitas1492 named as Adani Carmichael coal insurers
Coal Action Network and Money Rebellion groups held a rally outside Probitas1492’s London office last Wednesday, calling on it to rule out any further insurance for Adani’s climate-wrecking Carmichael coal project in Australia. This rally follows insider information obtained by Market Forces indicating Lloyd’s of London insurer Probitas 1492 is … Read More
Austbrokers under pressure due to Adani coal links
4 November 2022 Austbrokers parent company AUB Group trotted out several classic fossil fuel industry talking points at its annual general meeting (AGM) in Sydney yesterday, in an attempt to justify its work arranging insurance for the climate-wrecking Adani/Bravus Carmichael coal project. Under questioning from shareholder proxies, AUB Chairman David … Read More
Coal miners looking to self-insure new climate-wrecking projects
Since 2021, coal miners, including Adani/Bravus, New Hope and Whitehaven, have complained openly of difficulties securing insurance for their destructive activities. 45 major insurers have ruled out any coverage of Adani’s Carmichael coal mine, and according to Insure Our Future, 41 major insurers have some broader coal exclusion policy in … Read More
Words vs. actions: Adani pursuing more new thermal coal projects
08 September 2022 “Today climate change is one of the biggest challenges. Those challenges also open up huge business opportunities. The opportunity in this case is energy transition, the transition from fossil fuels to renewables and to hydrogen.” (Gautam Adani, quoted in Fortune India, June 2022) It’s statements like the … Read More
Lockton rejects Adani’s Carmichael coal mine
26 August 2022 Adani continues to face difficulties managing insurance coverage for its climate-wrecking Carmichael thermal coal project. Would-be insurance broker Lockton has revealed to Market Forces that it never signed the letter of appointment it was sent by Adani Australia, and that it will never work for the Carmichael … Read More
Legal advice says Deutsche Bank breaching own coal policy by financing companies building new coal mines
10 August 2022 As a lender to Whitehaven Coal and Adani Enterprises, both companies investing heavily in expanding thermal coal mining, Deutsche Bank has been a financial institution of concern for some time. However the bank’s 2020 policy on thermal coal mining, stating “we will not provide any financing for … Read More
World’s largest insurance broker cuts ties with Adani Carmichael coal mine
23 June 2022, for immediate release The Adani Carmichael coal mine’s long-standing insurance broker, Marsh, has confirmed it has ended its commercial relationship. This news, published in InsuranceERM, comes two weeks after the #StopAdani campaign received an anonymous, insider tip-off that on 29 May 2022, Lockton was appointed to be … Read More
Has Lockton put ethics aside to back Adani’s disastrous coal mine?
UPDATE 26 August 2022 Lockton has confirmed to Market Forces that it is not and will not broker insurance for Adani’s Carmichael thermal coal project. Find out more here. 23 June 2022 Two weeks ago, the #StopAdani campaign received a tip-off that on 29 May 2022, Lockton, a US-based insurance … Read More
Market Forces founder Julien Vincent receives Goldman Environmental Prize
Hi everyone. This is a pretty special moment for me, but also for Market Forces, our team and supporters, and all those who have taken action to shift finance and investment away from fossil fuels. Today I have been given the honour of receiving a Goldman Environmental Prize. This is … Read More