Insurance next big hurdle for Adani’s proposed Carmichael coal mine in Australia

first_img FacebookTwitterLinkedInEmailPrint分享Global Mining Review:The Indian conglomerate Adani Group is trying to move forward with plans to build a massive coal mine in the Galilee Basin in Queensland (Australia). This project has been the object of years-long controversy in Australia and around the world. The toxicity of Adani’s proposed Carmichael coal mine – not just environmentally and socially, but reputationally as well – has made the project a base test of credibility for any global financial institution wanting to be taken seriously as a climate change risk manager.To date, over three dozen financial institutions have made commitments to not finance the project, and after spending nearly a decade in search of the funds, Adani finally announced in November 2018 that it had secured the billions of dollars necessary to build the mine. Who was the mysterious investor? Turns out it was the Adani Group itself. You can only imagine how desperate a company would need to be before committing to fund a project requiring billions of dollars off its own balance sheet after a years-long search for an investor.But the campaign over Adani’s Carmichael mine is far from over. Insurance is one area where Adani also needs financial support. In fact, insurance is a critical piece required to obtain government permits and start construction, and a growing campaign targeting insurers to accelerate the transition to a clean energy future has taken note.In December 2018, the Global Unfriend Coal campaign and allies – representing 73 organisations and a combined membership of more than 76 million people – sent a letter calling on 35 major global insurers to not insure the proposed Carmichael coal mine and associated infrastructure. Given the number of responses that were received within two weeks of sending the letter, the insurance industry is clearly feeling the pressure to avoid highly controversial coal projects.10 companies immediately responded to Unfriend Coal’s call to not insure the project, either explicitly stating their refusal to be involved or referencing existing coal restriction policies that applied in this case. These included the world’s biggest insurers and reinsurers, Allianz, AXA, Swiss Re and Munich Re; two of Australia’s largest infrastructure insurers, QBE and Suncorp; the first major US insurer to publicly rule out a coal project, FM Global; as well as major European insurers Generali, Zurich and SCOR. Since then, two additional companies have announced restrictions on coal underwriting that would rule out involvement with the mine: Mapfre and Uniqa.For the insurers that have not yet ruled out supporting Adani, the pressure is now building. Last month, lawyers at ClientEarth wrote to Lloyd’s warning them of the financial risks surrounding the project and warning: “Should you or your syndicates fail to take these factors into account as part of your risk management processes, this may constitute a breach of your legal duties.”More: Insurers shun Adani’s Carmichael mine, reflecting the industry’s retreat from coal Insurance next big hurdle for Adani’s proposed Carmichael coal mine in Australialast_img read more

Can the Upper Bald River Gorge Finally Be Protected?

first_imgIt’s Now or Never. By Pat ByingtonLast February, I traveled to Tennessee to see Bald River Falls, one of the most visited waterfalls in the region. Visually spectacular at over 80 feet high, Bald River Falls is the gateway to the Bald River Wilderness Area.It was a rainy and chilly 33 degrees, the bridges were freezing over, and to my surprise on that late February afternoon, the Tellico River, alongside the Bald River, was teeming with kayakers. Slowly passing by people in wetsuits, carrying their kayaks, I peered at the cars and license plates on the side of the road: Pennsylvania, New York, Iowa, Texas, Colorado and Oregon. These people were serious whitewater enthusiasts and the reason they had chosen to be in rural Tennessee on a wet and bone-chilling weekend in the middle of winter was because of the Tellico River’s clean and clear rushing waters.It’s not just the kayakers who have discovered this outdoor paradise. Throughout the year, fly fishers, hunters, horseback riders, hikers, backpackers, and thousands of windshield tourists journey to Tennessee’s Cherokee National Forest. Along with year round recreational opportunities, outdoor related businesses from local sandwich shops to outdoor manufacturers (one of the largest maker of kayaks in the world is Jackson Kayaks in Sparta, Tenn.) are locating near protected lands and rivers in Tennesee. The outdoor recreation industry in Tennessee alone generates $8.2 billion in consumer spending each year and creates 83,000 jobs.An entrepreneur once told me that every successful business needs a “special sauce,” that extra “something” that separates a place, product or business apart from all the others.For Tennessee’s wilderness areas, clean and clear water is the ‘special sauce’.And the reason the surrounding streams, creeks and rivers are so clean and clear is because the Tennessee Wilderness Act of 1984 made it so.It was signed by President Ronald Reagan. Three decades later, Reagan would be proud of the bill he signed into law, but I imagine he would say today the job is not finished.Back in 1984, one of Reagan’s closest friends and allies in the South, Governor Lamar Alexander, was also a champion of the original Tennessee Wilderness Act. Today, Senators Alexander and Bob Corker have introduced a new Tennessee Wilderness Act three times in the past four years.Upon passage, this bill will permanently protect the headwaters of the Upper Bald River by designating one new wilderness area, The Upper Bald River Wilderness, and by adding additional acreage to five others in the Cherokee National Forest, assuring kayakers, fishermen, hunters, local businesses and future generations will forever have clean and clear water.This month, Congress will have its last chance to pass the Tennessee Wilderness Act of 2013. If you care about the outdoors, if you care about the local economy, and if you care about clean and clear water, now more than ever, your member of Congress needs to hear from you. Tell them that you support the Tennessee Wilderness Act of 2013. Tell them that they should support Tennessee’s senators and finish the job.And then, read them President Reagan’s own words: “I just have to believe that with love for our natural heritage and a firm resolve to preserve it with wisdom and care, we can and will give the American land to our children, not impaired, but enhanced. And in doing this, we’ll honor the great and loving God who gave us this land in the first place.”–Pat Byington is the Executive Director of Wild South.last_img read more

Datebook

first_imgHabitat for Humanity will present house keys to two families, 10:30 a.m.-noon, 12543 Pierce St., Pacoima. Public is invited to meet the families. Call (818) 884-8808. Maire Clerkin Irish concert, 11 a.m. and 12:30 p.m., Walt Disney Concert Hall, 111 S. Grand Ave., Los Angeles. Free. Call (213) 250-ARTS. Daddy/Daughter dance, 6-9 p.m., Branford Child Care Center, 13310 Branford St., Arleta. Cost $25. Call (818) 891-6211. Mail Datebook entries – including time, date, location and phone number – to Daily News City Desk, P.O. Box 4200, Woodland Hills, CA 91365; fax (818) 713-0058; e-mail dnmetro@dailynews.com.160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! Introduction to mountain bike skills, 9 a.m.-1 p.m., Malibu Creek State Park. Bring bicycle and helmet. Rain cancels. Enter park on Las Virgenes Road, south of Mulholland Highway. Call (805) 558-1606. Dog walking/socialization adoption program, 9:30 a.m.-1:30 p.m., East Valley Animal Care Center Hearing Office, 13131 Sherman Way, Van Nuys. Call (888) 452-7381. First Saturday Nature Walk with Cold Creek docents, 9:30-11:30 a.m., Cold Creek Canyon Preserve. Meet at Lower Stunt High Trailhead five miles from Mulholland Highway/Stunt Road intersection. Call (818) 591-1701. Van Nuys Health Fair & Family Festival, 10 a.m.-3 p.m., Children’s Community School, 14702 Sylvan St. Free. Services available in Spanish and English. Call (818) 780-6226. Spring Art & Craft Festival, 10 a.m.-4 p.m. Sunday, Borchard Community Center, 190 Borchard Road, Newbury Park. Call (805) 381-2791. SATURDAY 2007 Adult Fishing Derby, 7-11 a.m., Apollo Park, 4555 W. Avenue G, Lancaster. Admission $15 advance, $20 at gate. Call (661) 772-7780 or (661) 259-1750. Family Bird Walk, 8-10 a.m., Los Angeles County Arboretum & Botanical Garden, 310 N. Baldwin Ave., Arcadia. Free with admission. Call (626) 821-4623. Run for Fitness youth event, 8 a.m.-noon, Valencia Valley Elementary School, 23601 Carrizo Drive, Valencia. Call (661) 510-0752. last_img read more