Stop insuring Adani protests at Lloyd’s of London as Adani Mining welcomes projected exports to India

Insure out Future not Adani’s Coal protest at Lloyd’s of London.Photo: Stop Adani

By SAT News Desk

MELBOURNE, 28 October 2020: Adani Australia has welcomed the Minerals Council of Australia’s economic report from Commodity Insights released today which projects thermal coal imports to the Asia Pacific region rising by 275 million tonnes through to 2030, as faraway climate protests hit insurance giant Lloyd’s of London HQ to join #StopAdani online rally.

Campaigners delivered giant postcards bearing messages from Australians and Pacific Islanders calling on Lloyd’s of London to stop insuring the Adani coal project in Queensland Australia.

The action in London kicks off a global wave of protest this week to pressure Lloyd’s of London to follow the lead of 26 major insurance companies, including several Lloyd’s syndicates, and stop insuring Adani’s Carmichael coal project.

In a media release CEO of Adani Mining, Mr. David Boshoff said the report reflected Adani’s own projections, especially for India, which is expected to see thermal coal imports grow by 74 million tonnes through to 2030.

“India is one of the largest populations in the world and it is growing rapidly. Right now more than 200 million people in India do not have adequate access to electricity and thermal coal imports will continue to rise in order to meet the demand for this growing population with economic ambition,” Mr. Boshoff said.

Mr. Boshoff said that despite an expected increase in renewable energy use in India and Asia, there will still be demand
for thermal coal to provide baseload power.

“As the world’s number one international solar company and the largest private supplier of thermal electricity in India,
the Adani Group has a unique view of the market and we see there will be a demand for both in the energy mix,” he said.

Claudia Lang, Stop Adani campaign spokesperson says: “Lloyd’s of London is profiting from climate destruction by providing morally bankrupt companies like Adani with insurance. Adani’s climate-wrecking coal project is a reputational disaster for companies who associate with it, that’s why 24 major insurers have taken a stand and publicly ruled out insurance for Adani: Lloyd’s must follow their lead and stop insuring Adani.”

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