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Reparations

Lloyd’s is holding out, saying it does not set underwriting policy unless there is a legal or regulatory requirement to do so. This raises the question, given what’s at stake, of why governments have not legislated to stop banks, asset managers, and insurance companies from enabling and profiting from life-threatening fossil-fuel extraction.

Continued disregard If we look more closely at the areas in which Lloyd’s is providing insurance for fossil-fuel infrastructure, we can also see a pattern of continued disregard for local communities and ecosystems, which in many ways has precipitated our global climate crises. As Sebastian Ordoñez

Muñoz wrote in Perspectives on a Global Green New Deal: ‘The mining industry, along with other extractive industries, has been at the heart of a colonial model which continues to bring profits to multinational corporations and the wealthy few, while dispossessing countless communities of their lands, water and livelihoods and exploiting workers at the expense of their health and well-being.’

The implications of Lloyd’s continued insurance of fossil fuel pipelines is no different. When the Adani Group company originally proposed the Carmichael mine in Queensland, Australia, it was planned to be one of the largest mines in the world. If built,

it would allow 500 more coal ships to travel through the Great Barrier Reef World Heritage Area every year for 60 years and destroy the ancestral lands, waters and cultures of indigenous people without their consent. It would add an estimated 4.6 billion tonnes of carbon pollution to the atmosphere and suck out at least 270 billion litres of groundwater over the life of the mine. The Wangan and Jagalingou Family Council, who represent people who live in the area, have refused the project five times.

Critically, if allowed to go ahead, Adani’s Carmichael coal mine will unlock the Galilee Basin – one of the world’s largest untouched coal reserves – paving

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NOVEMBER-DECEMBER 2021

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