Adani needs insurance companies and further finance to complete its climate-wrecking Carmichael Project. Right now, protectors of the earth's future are putting pressure on the State Bank of India and certain insurers in the Lloyd's of London marketplace, not to do business with Adani. People of faith can put the moral case for ruling out working on this mine project more clearly than most. We can make a real difference.
We know for a fact that the pressure on companies and contractors associated with Adani is working. There are now 91 companies that have ruled out Adani, almost 30 of them in the last year! Despite everything in 2020, the #StopAdani movement was relentless and is still picking up momentum!
Read on for details of the outcomes of campaigning in 2020. To hear plans for next steps some along on Thursday Feb 4th. RSVP to join the webinar: Where to next for stopping Adani's insurance?
The webinar will focus on the climate policy announced by the Lloyd’s insurance marketplace in December: What is its significance? How does it affect Adani’s ability to get the insurance they need to build their disastrous mine? How can we leverage this new policy to get more individual insurance companies to rule out Adani coal?
This webinar is on Thursday 4th February at 6.00-7.00pm NSW / VIC / TAS time. That's:
- 00-5.00pm NT time
- 00-6.00pm QLD time
- 30-6.30pm SA time
- 00-4.00pm WA time
Up-date on Lloyd's of London
Lloyd's of London is not like other insurers. It operates as as a marketplace, where dozens of insurance companies all vie for business and share risk. Campaigners worked hard in 2020 on the back of years of pushing Lloyd's by the UK climate movement, and created a huge WIN! In mid-December Lloyd’s set an unprecedented market-wide policy to stop new insurance cover for coal, oil sands and Arctic energy projects by January 2022, and to pull out of the business altogether by 2030. See the news here.
This is a huge shift from their previous hands-off approach, and all the more significant because the Lloyd’s market is estimated to account for approximately 40% of the total global energy insurance premium in 2018. (Read more here.)
However, work continues in relation to specific insurers. Here's how we can be most effective as people of faith.
Up-date on State Bank of India
- The campaign to stop the State Bank of India giving Adani a $1 billion dollar loan is ongoing.
- In December, SBI investor AXA IM dumped investments with SBI due to their consideration of a loan to Adani. Read about it here.
- French investment giant Amundi divested their green bonds from SBI over the Adani
- The world’s biggest investor and SBI investor Blackrock publicly called on SBI not to give the loan to Adani, as did Norwegian investors Read it here.
- It appears that a decision by the SBI Board has been delayed.
Llyod's insurance companies
Lloyd’s in a nutshell:
- There are 90 Lloyd's insurers in total
- 32 of them could have provided some sort of insurance for Adani's coal mine
- 19 Lloyd's insurers have ruled out Adani
- 13 Lloyd's insurers have yet to rule out Adani
We're asking people of faith to continue contacting key decision makers at these insurers. You can do this easily.
First, here is the list of the remaining insurers with both email addresses and phone numbers for key decision makers. How you contact these people is up to you.
All the numbers are UK numbers. The idea is to call the UK when their offices are open.
Here is a document with the suggestions as to what you may wish to say as a person of faith when calling.
If you'd prefer to have the confidence boost of doing this with someone else, why not ask a friend to do this with you and be your phone buddy? You can book in to call at the same time and then call each other to check in on how you're getting on.
Paper letters get opened more than emails ever do. All of these companies are in the UK. At the moment it takes weeks and weeks to send a letter there. However, many of us have friends and family over there. Why not ask someone you know to send a letter? Again, here is the list.
Asking others from your faith community to join you
The best thing you can do is to ask a few other people from your faith community to get involved. Can you think of one or two people who feel strongly about the climate emergency?
You can always contact people from other congregations as well. There's no need to limit it to just your own. Get creative. Who could you ask? As long as they're people of faith, that's fine. Do ask them to join the Zoom Party.
For those thinking of using Twitter
You may also want to contact these companies on Twitter. If you do, here are a couple of very useful videos. This one explains how to set up a Twitter account and this one provides a step-by-step tutorial to tweeting at contractors.