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UPDATE 1-Asia snubs IEA s call to stop new fossil fuel investments

UPDATE 1-Asia snubs IEA s call to stop new fossil fuel investments
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Asia snubs IEA s call to stop new fossil fuel investments

Asia snubs IEA s call to stop new fossil fuel investments
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Australia s fossil fuel industry admits it is harder to finance projects as climate concerns grow | Energy

The Australian Council of Superannuation Investors (Acsi) warned the government in a submission that “the price of climate risk is on the rise” and that an unplanned or “late transition to a low-emissions economy will cost the Australian economy more”. Construction firm BMD, which is building a major section of the rail line for the Adani mine, said in more than 40 years of working in Australia it had never before been “exposed to such a large and immediate risk” after insurers had refused to underwrite any of its work associated with the coal project. BMD wrote the company was aware the “worldwide insurance market is removing its support for coal-related projects and that coverage for projects associated with coal moving forward will see limited available coverage.”

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