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

Bright Stars, Police win again as bottom three remain unchanged

first_imgBright Stars players celebrate one of their goals on Wednesday (Photo by Bright Stars Media)StarTimes Uganda Premier League Wednesday, 13-03-2019-Police 4-2 Paidha Black Angels -Bright Stars 2-1 Nyamityobora -Mbarara City 0-0 Ndejje UniversityJuma Balinya scored a hat trick as Police FC inflicted a 16th loss of the StarTimes Uganda Premier League season onto Paidha Black Angels.Police who came into the game on the back of a five game winless run can from 2-1 down to win the 6 goal thriller 4-2 at Lugogo.Abdallah Mubiru’s side took a deserved lead on 29 minutes with Balinya calmly scoring his 14th of the season.However, the visitors who were dominated in terms of possession in the early exchanges, levelled matters on 36 minutes through Jackson Nsubuga and ensured the first half ended all square.Two minutes to the hour mark, Paidha scored a second off Yusuf Ssozi’s boot to earn a first lead in the game.Balinya struck his and Police’s second of the day from the spot on 73 minutes to set the tone for a thrilling finish.The player of the season contender-Balinya completed his hat trick with only second of the 90 minutes to play to see Police lead for the first time since the half hour mark.The Cops were however not done yet as right-back Paul Wila scored a 4th in the third minute of additional time, to ensure all three deserved points are won.The win sees Police move into 9th position on 32 points with six games to play.For Paidha, they should start preparing for life in the second tier as they remain rock-bottom having gathered a league low of 12 points so far.At Mwererwe, Bright Stars returned to winning ways, defeating Nyamityobora 2-1 at the Champions Stadium.Captain Nelson Ssenkatuka scored both of the Stars’ goals on the day while the visitors struck through a Farouk Katongole own goal.Ssenkatuka who had gone over two months minus a League goal sored his first on 27 minutes and the home side held on to take a slender 1-0 lead into halftime.At the start of the second half, Nyamityobra threw all they could at Bright Stars but it was the home side who scored again.Ssenkatuka banging in his 9th of the season on 51 minutes.Nyamityobora who had always looked like scoring finally got their reward on 82 minutes as Kantongole put through his own net.Despite pulling on back, the visitors could not mount a serious challenge to draw level at the end as they were subjected to a 16 loss of the season.The win sees Bright Stars climb into 10th on the log with 31 points while Nyamityobra are still second from bottom on 16 points.In the other fixture played at Kakyeka, Ndejje University held high-flying Mbarara City to a goalless draw in an ill-fated encounter that saw either side recieve two cautions.Ronald Kiseka and Hilary Mukundane were booked for Mbarara while Bernerd Kateremera an Richardson Asaba were cautioned for the visitors.The draw helps Mbarara maintain thier top three status having gathered 41 points from 24 game.For Ndejje, they also remain 14th with 20 points, three points behind 13th placed Villa who have played a game less.Comments Tags: bright starsJuma BalinyaMabarara City FCNdejje University FCNelson SsenkatukaNyamityobora FCPaidha Black Angelspolice fcStarTimes Uganda Premeir Leaguetoplast_img read more