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Fri May 22, 2020, 08:53 AM

Marsh Talks All About Climate Risks, But Still Preparing To Insure Adani's Huge Australian Coal Mine


Global insurance giant Marsh has a unique opportunity to be a global leader. Marsh has acted as a broker for Adani mining since 2015, helping to facilitate Adaniís controversial Carmichael coal project. Adaniís giant coalmine will help open up the Galilee Basin, one of the largest unexploited coal reserves on Earth, making it impossible to limit warming to 2C.

Marsh has been vocal in acknowledging the huge risks climate change poses to the insurance industry. It co-authored the 2020 World Economic Forumís Global Risks Report that highlights the economic and environmental vulnerabilities of not acting to rapidly reduce emissions. Dan Glaser, the president and chief executive officer at Marsh, has publicly spoken about climate change as one of the top risks for the company, particularly in relation to the climate-driven impacts of wildfires and hurricanes and the costs for the insurance industry.

Marsh talks the talk when it comes to climate risk but, by working with Adani to help broker insurance for the Carmichael coal project, it is walking us all into a dangerous future. In March, staff bravely raised concerns about their companyís involvement in the project and were told senior US executives were meeting to decide a position on the Carmichael mine and Marshís involvement with other coal projects.

At their AGM this week, Marsh is expected to announce a new climate policy. By continuing to provide support for new coal projects such as Adaniís, Marsh is not only jeopardising the future of its own business interests and those of its customers, it is also undermining a safe climate for future generations. The insurance industry and global markets are moving away from coal. Westpac recently announced plans to divest from thermal coal by 2030 and 16 major insurers Ė including Allianz, AXA and Swiss Re Ė have so far refused to underwrite the Adani Carmichael project. Itís time for brokers like Marsh to join them by ruling out brokering insurance for Adani.



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