Adani asked the federal government to finance the construction of its Carmichael mine and rail link, after one of its biggest contractors pulled out due to an inability to acquire insurance.
BMD Constructions, one of Australia’s largest construction companies, is hardly the first to face this issue. Big insurers around the globe are dropping support for coal, saying it is too risky for the companies. Climate activists have been pressuring insurers, after lobbying the government proved ineffectual in stopping the development.
Federal Liberal and National MPs are branding it as corporate activism, and suggesting that insurers are pressured by policies in Europe.