Convex Will Not Insure New Thermal Coal Mine
“We will not insure the construction or operation of any new thermal coal mine and/or its dedicated infrastructure,” Convex said.
A spokesperson said, “Client confidentiality is a fundamental principle at Convex and, as such, it is our policy, along with many other financial institutions, not to comment publicly about our clients or any specific risk. However, we feel obliged to correct inaccurate and misleading information concerning our alleged involvement in a new coal mine in Australia, which has been published both on social media and copied, unchecked, in certain media outlets.
“Unfortunately, this campaign has the potential to unfairly affect a number of our environmental and sustainability partners, connected with the recently announced Convex Seascape Survey.
“The Convex Seascape Survey brings together a multidisciplinary team made up of world-class ocean and blue carbon scientists. This ambitious five-year global research programme is the largest attempt yet to build a greater understanding of the properties and capabilities of the ocean and its continental shelves in the earth’s carbon cycle, as a part of the urgent effort to address climate change. In our view it would be a terrible irony if a science research project of this importance was impacted by a false rumour about the insurer that sponsors it.
“Therefore, we would like to confirm that, in line with our ESG policy, we will not insure the construction or operation of any new thermal coal mine and/or its dedicated infrastructure.”
