Lloyd’s urged to drop poli­cies for fos­sil fu­els

The Daily Telegraph - Business - - Business - By Michael O’Dwyer

LLOYD’S of Lon­don faces calls to pro­tect the cli­mate by ax­ing in­surance for fos­sil fuel projects to as it re­opens its un­der­writ­ing room to­day.

In­sur­ers at the 334-year-old mar­ket have pro­vided cover to projects in­clud­ing the pro­posed Adani Carmichael coal mine in Aus­tralia and the Trans Moun­tain tar sands pipe­line in Canada.

Fi­nan­cial ser­vices firms face grow­ing pres­sure to cut ties with the fos­sil fuel in­dus­try by re­fus­ing to of­fer in­surance and end­ing in­vest­ments in projects and firms that are big pol­luters.

Zurich, which is not part of the Lloyd’s mar­ket, re­port­edly de­cided in July not to re­new its cover for the Trans Moun­tain pipe­line. The project is op­posed by en­vi­ron­men­tal cam­paign­ers and some in­dige­nous groups.

At least 19 in­sur­ers adopted poli­cies re­strict­ing the cover they pro­vide to the coal in­dus­try by May 2020, ac­cord­ing to re­search from cli­mate cam­paign group In­sure our Fu­ture. Lind­say Keenan, of In­sure our Fu­ture, said: “Lloyd’s has both a moral im­per­a­tive and a long-term self-in­ter­est to act as so­ci­ety’s risk man­ager.”

A Lloyd’s spokesman said: “We take cli­mate change ex­tremely se­ri­ously.”

Lloyd’s be­gan ex­clud­ing coal from its own cen­tral mu­tual in­vest­ment fund in April 2018.

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