Investor action group says the insurer joins 57 other companies refusing to support the Queensland coal projectAnother major insurer, Axis Capital, has shunned the Adani Carmichael coal project and withdrawn a bid to underwrite the construction of the mine’s rail line. John Quiggin, a professor of economics at the University of Queensland, has said the Carmichael project “can’t proceed” without insurance. “Adani continues to be abandoned by its corporate partners that don’t want to be associated with a destructive new coal project,” Brait said. “Axis’ move, following engineering firm Aurecon’s severing of ties to Adani, shows the Carmichael coal project is toxic, not just for our climate but for a company’s brand too. Adani mine would be 'unviable' without $4.4bn in subsidies, report finds Read moreIn August, the global engineering and consultancy firm Aurecon severed a longstanding business relationship with the Adani Group.

Source: The Guardian October 03, 2019 03:56 UTC