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It’s time for Lloyd’s to act on the climate crisis
To the Council of Lloyd’s & Lloyd’s Executives, I am concerned that Lloyd’s is failing to take the climate crisis seriously by continuing to provide access to insurance for climate-wrecking projects such as the Adani Carmichael coal project. I ask that Lloyd’s of London puts policies in place to end insurance for coal, oil, and gas including the Adani Carmichael project, and releases a climate policy that is in line with the UN Paris Climate Agreement. I am deeply concerned about climate change and concerned that Lloyd’s is acting as a last refuge for dangerous fossil fuel projects like Adani's to secure insurance. Lloyd’s has an important role to play in the transition to renewable energy, and I call on Lloyd’s to take this responsibility seriously and play your part in helping the world meet the goals of the UN Paris Climate Agreement. Lloyd’s needs to act on the climate crisis by announcing a policy to immediately end insurance for all coal, oil, and gas projects. Importantly, such a policy would remove Lloyd’s as an option for insurance for the Adani Carmichael coal project. Adani's proposed coal mine is the most environmentally and socially contentious project in Australia's history, the object of years-long international controversy and resistance from the Wangan and Jagalingou Traditional Owners and the broader community. It would have dire consequences for the climate, with emissions from the coal burned over its lifetime equivalent to eight years of Australia’s annual greenhouse gas emissions. Over 87 companies have already ruled out any involvement in the Adani project. Seventeen Lloyd’s syndicates have ruled out Adani, with more commitments being prepared. As an institution that is keenly aware of the impacts of catastrophic risks, the imperative for Lloyd’s to act on the climate crisis is one you can no longer ignore. I look forward to your prompt reply,
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