Network spokesperson says ’it is time the insurance industry turns off the money pipeline for coal and dirty fossil fuels’

Coal Action Network set up a climate justice memorial outside Lloyd’s of London today (8 October 2021) over its continued insurance of fossil fuel projects.

Attendees aimed to commemorate communities that are directly impacted by polluting projects such as Australia’s Adani Mine and the Cambo oilfield in the North Sea.

The memorial, which took place between 10am and 12pm, saw flowers and floral wreaths being laid outside Lloyd’s headquarters at One Lime Street.

Testaments from communities on the front lines of fossil fuel projects and climate impacts were also delivered.

A spokesperson for the network said: “The climate crisis is escalating. The world has already warmed 1.2 [degrees Celsius], causing the surge in wildfires, extreme heat and flash floods. Under current policies, we are projected for a three [degree Celsius] world.

“Whilst the planet literally burns, the UK’s biggest financiers are pouring billions of pounds each year into fuelling the fire.

“Ahead of COP26, it is time the insurance industry turns off the money pipeline for coal and dirty fossil fuels, ensuring a green future instead.”

As part of the Defund Climate Chaos campaign on 29 October 2021, groups across the world will take similar actions on the doorsteps of a range of financial and insurance institutions.

Coal Action Network added: “The climate crisis is harming the poorest and least responsible of us first and worst. The blame falls squarely at the feet of executives at corporations like Lloyd’s of London.

“Day after day they decide to profit from death and chaos by underwriting projects that will lead to climate breakdown, while refusing to insure everyday people against the floods and wildfires they are helping to create.” 

Coal Action Network strives to achieve justice for communities affected by the UK’s current and historical coal consumption and mining. Its work includes mobilising grassroots campaigns and supporting legal challenges to coal companies.