Ceasefire in insurers’ war on coal: New Hope

afr.com:

New Hope chief executive Rob Bishop says insurance companies’ attitude towards the coal sector has mellowed, reducing the urgency around efforts to establish a self-insurance scheme for local miners and their suppliers.

Thepush for more self-insurance in the coal sector arose out of a parliamentary inquiry in 2021 which found that mainstream insurers were joining banks in rapidly severing ties with the coal sector.

Mr Bishop said New Hope was still speaking with other miners over the possible creation of a mutual fund, but did not need self-insurance at a time when it was enjoying improved support from mainstream insurers.

New Hope chief executive Rob Bishop says insurers are mellowing in their attitude to coal miners. Oscar Colman

Mr Bishop said the warmer reception was particularly evident among insurers exposed to the energy crisis that has rocked Europe since Russian commodities were blacklisted in response to the Ukraine war.

“We have got good support [from insurers] despite the fact we are predominantly thermal coal,” he said. “We feel support has probably improved, particularly when we went over to the London market. There is certainly an understanding over there, given their proximity to Europe, that [if you want] security of supply, coal plays a part.”

The comments are the latest sign that corporate and political appetites for acting on climate change may have receded in Europe since the outbreak of the Ukraine war.

British Prime Minister Rishi Sunak last week allowed diesel and petrol cars to be sold in the United Kingdom until 2035 rather than the previous rule that would have phased them out by 2030. Mr Sunak also delayed the phase-out of gas boilers.

BP and Shell have watered down their promises to cut oil