King coal no more as industry steps up exit

PARIS: The number of insurers turning their backs on coal more than doubled in 2019, activist groups said Monday, sapping the viability of projects using the highly-polluting fuel.

“This action is having a tangible impact,” it said, citing brokers as saying that costs are increasing to insure coal facilities with certain projects already being unable to obtain any coverage. The report pointed to the struggle the Indian group Adani has had to find insurance to develop the huge Carmichael coal mine in Australia, noting that at least 16 international insurers have ruled out underwriting the project.

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