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A contractor for a controversial Australian coal mine said that the project was unable to obtain insurance for the project due to environmental concerns, which underscored the way the country’s funding for fuel has dried up.
BMD Group is studying the Carmichael mine of Adani Enterprises. appeal In parliamentary inquiry, it may have to ask the government for insurance.
BMD’s claim is one of more than a dozen companies that have warned that the interruption of financing in the industry due to environmental, social and governance issues could disrupt Australia’s annual thermal coal exports of 20 billion Australian dollars ($15.5 billion) industry.
BMD is building a Railway Carmichael’s 10 million tons of thermal coal project inspired the world Climate protest. According to the former submission, due to the affiliation with Adani, at least 33 insurers of the project’s public liability insurance rejected BMD.
BMD stated that if customers cannot obtain insurance, they will either need to assume the risk on behalf of the contractor, or the government will have to provide insurance from public funds.
The organization stated: “Not taking any action will only result in very few contractors willing or able to carry out these critical infrastructure projects.”
BMD told the investigation that it has been subject to aggressive actions by climate change protesters and anti-coal organizations, including threats of violence against the organization’s owners and family members.
Environmentalists object to the proposed Carmichael coal mine outside the Houses of Parliament in Brisbane, Australia, proposed by Indian miner Adani ©AP
After the Australian Ministry of Resources, the accused Bank and Pension Minister Keith Pitt (Keith Pitt) was called “corporate activism”, Australia conducted an investigation into the financial sector’s treatment of export industries.
Speaking of the documents submitted by BMD, Pete said: “This is exactly why I asked for this inquiry, and I am looking forward to the results.” “The company may build a railroad track that may carry cattle, grain, people or any other items. What’s the sex, because it carries coal and was denied insurance. The transferred product does not affect the construction risk in any way.”
Adani, this is owned by an Indian tycoon Gautam adaniTell inquiries, banks and insurance companies will Quit coal completely By 2030, this will have a “significant adverse effect” on the industry.
Adani told the Financial Times that it had installed the necessary insurance throughout the Carmichael project.
New Hope Group, a coal company, said the consequences of financial companies’ exit from the industry would be “tragic.”
Appea, an organization that represents the oil and gas industry, said banks and pension funds are increasingly telling companies that they can no longer invest in projects due to ESG considerations. But in an opinion paper, people usually fail to consider that “oil or natural gas can play an active role in the world’s decarbonization economy.”
The Insurance Council of Australia stated to the investigation that its members recognize the importance of the country’s export industry and note the actions taken by investors and regulators to address the risks posed by climate change.
“The general insurance industry will continue to support and implement effective risk management for Australian exporters…. In line with contemporary understanding of regulatory agencies’ guidance and statutory obligations.”
BMD did not respond to a request for comment on its insurance status.
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