Following intense pressure from #STOP ADANI, Lloyd’s of London have just released their first-ever climate policy, calling on all Lloyd’s insurers to stop issuing new insurance for thermal coal mines – like Adani’s Carmichael coal project – from 2022, and stop renewing existing insurance by 2030. This is a huge first step for Lloyds, sending a clear message that they will no longer insure coal.
An action pushing W.R. Berkley, one of the many Lloyd’s insurers!
#STOP ADANI has pushed Lloyd’s of London to put Adani and the coal industry on notice – it is now harder than ever for companies like Adani to secure insurance for dangerous new coal mines.
All up, #STOP ADANI supporters sent thousands of emails and tweets, made 600+ phone calls, sent 100+ calendar reminders to Lloyd’s CEOs, and in partnership with the Pacific Climate Warriors, even delivered giant postcards to Lloyd’s doorstep in London..
The #StopAdani grassroots movement’s unprecedented record of success and innovation has made it an internationally recognised corporate campaigning icon. To date, they have pushed 90 globally significant companies, including 49 banks and 28 insurers, to rule out doing business with Adani’s toxic Carmichael coal project. In May last year, they pushed the largest insurance broker in the world, Marsh, to adopt an industry-first climate policy.
Following on that success, #STOP ADANI turned their attention to major Korean financiers Samsung, Hanwha, International Bank of Korea, and Korea Investment and Securities – all previous creditors of Adani’s Abbot Point coal port who were at risk of lending again.
Thanks to this pressure, all four Korean banks ruled out funding Adani’s coal port, sparking a larger move away from coal across the Korean financial system.
School Strikers take action on Samsung in Sydney
From there, #StopAdani local groups got to work pushing multiple Lloyd’s insurers at once, culminating in 17 Lloyd’s insurers ruling out work with Adani’s coal project, building pressure on Lloyd’s of London to take a stand on behalf of the marketplace as a whole. The decision announced by Lloyd’s last week is a testament to the momentum built, day by day, insurer by insurer.
Most recently #STOP ADANI has been fighting to stop a surprise proposal for a $1 billion loan for Adani from the State Bank of India (SBI).
#StopAdani supporters in a protest against the State Bank of India (SBI)
Snapping into action with waves of protests and online pressure, the grassroots movement has sparked high-profile global backlash against the State Bank of India’s proposal to waste taxpayer money. This backlash has prompted some of the biggest investors in the world to push SBI to dump the loan.
Just this week, AXA IM divested from SBI as a warning to SBI that they must ditch the loan; European giant Amundi has threatened to do the same. Not to mention BlackRock, the largest asset manager in the world, who – along with Norwegian giant Storebrand – have spoken out against the loan too.
It’s been a huge year of unprecedented wins, and it’s not over yet. #STOP ADANI will be pushing to the very end to get British banking giant and major SBI investor HSBC to join the ranks of their peers and speak out against the $1 billion Adani loan.
What #STOP ADANI has achieved in the last twelve months – taking on entire global finance sectors and winning – proves that movements of people have power.