Fossil fuel producers and their contractors in Australia have admitted moves by major global investors and insurers to reduce their exposure to risks from the climate crisis are making it harder for them to insure and finance major projects. The major impacts on the fossil fuel sector are revealed in submissions to a parliamentary inquiry pushed by pro-coal backbenchers and backed by Morrison government ministers. Earlier this week a leading UK government climate official said Australia’s lack of a significant plan to tackle the climate crisis had left Australia alone among major economies. The mining industry group the Minerals Council of Australia denied in its submission there was any heightened risk for insurers in backing fossil fuel projects. Acsi wrote: “Unmitigated climate change would have catastrophic impacts across the globe, including impacts on human health, biodiversity, water availability, and disruption of ecosystems.

Source: The Guardian May 14, 2021 19:52 UTC