Marsh to discuss ending support for the Carmichael coal mine

Written by Adam Cadle

04/03/2020

Marsh, the world’s largest insurance broker, will tomorrow discuss ending support for the giant Carmichael coal mine in Australia after more than a year of trying to arrange insurance cover for the Adani Group’s controversial project.

The CEOs of Marsh and parent company Marsh & McLennan will meet with senior executives in New York “to formulate a global Marsh position” on coal projects, Nick Harris, CEO of Marsh Pacific, told staff yesterday.

More than 66 major companies, including 16 insurers, have now ruled out support for the project, and Marsh has faced growing pressure from its own employees.

The UN’s IPCC says at least 59% of global coal power must be phased out by 2030 to limit global warming to 1.5°C.

Peter Bosshard, coordinator of the Unfriend Coal campaign, said: "The global insurance industry is rapidly shifting away from coal and as the world's largest insurance broker Marsh needs to join this trend. Only the most reckless companies will touch the Adani coal mine at this point, and climate campaigners will relentlessly target Marsh's reputation and mobilize shareholders at its upcoming AGM if the broker gives the project a new lease of life."

Oliver Wyman, a consulting company owned by Marsh’s parent company, Marsh & McLennan Group, recently published a report on climate change which states that “the most powerful action that financial firms can take is to steer capital away from the most polluting companies, and toward the environmental leaders.”

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