Convex recently ruled out insuring the Adani coal mine in Australia, one of the most environmentally and socially destructive projects on earth. Now, thanks to pressure from our supporters, Helvetia Insurance has announced that it does not and will never provide insurance for the mine or its associated infrastructure!
We’re winning: Helvetia is now the 44th major insurer to rule out providing the insurance that the mine needs to operate. But the campaign isn’t over.
Back in November, the Bank of New York Mellon (BNYM) became the 104th company to cut ties with Adani’s disastrous Carmichael coal project. BNYM was playing a specialised role as the ‘security trustee’ for the debt linked to the Adani mine’s coal port.
With BNYM on its way out, we’ve been looking into which companies could be replacing it, and we now have a key suspect—GLAS Agency, based in London.
Security trustee companies like GLAS could play an important role in helping Adani to make its coal project viable by helping it raise debt. GLAS has so far refused to rule out working with Adani, while several of its competitors have, including Perpetual and SILC Group.