The chair of Qantas also holds positions at Woodside, the AFL, the West Australian Symphony Orchestra and Channel Seven Telethon Trust, raising questions of how much is too much
May 15, 2021 03:15 AM EDT
Major global investors and insurers are finding it difficult for fossil fuel companies and their contractors in Australia to insure and finance major ventures due to efforts by major global investors and insurers to reduce their exposure to risks from the climate crisis.
(Photo : lum-box on PIxabay)
According to a contractor, a worldwide bid for cover for the infamous Queensland Adani coalmine failed, with more than 40 underwriters refusing to back it.
Submissions to a legislative inquiry pushed by pro-coal backbenchers and supported by Morrison government ministers show the main impacts on the fossil fuel industry.
Australia s Lack of Strategy
The Australian Council of Superannuation Investors (Acsi) warned the government in a submission that âthe price of climate risk is on the riseâ and that an unplanned or âlate transition to a low-emissions economy will cost the Australian economy moreâ.
Construction firm BMD, which is building a major section of the rail line for the Adani mine, said in more than 40 years of working in Australia it had never before been âexposed to such a large and immediate riskâ after insurers had refused to underwrite any of its work associated with the coal project.
BMD wrote the company was aware the âworldwide insurance market is removing its support for coal-related projects and that coverage for projects associated with coal moving forward will see limited available coverage.â