Stop insuring Papua New Guinea ‘carbon bomb,’ climate activists demand outside summit

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Fossil fuel giant ExxonMobil hopes to secure a final investment decision on the expansion by December 15.

Campaigners wore marine-themed costumes and unfurled banners reading “Protect the Coral Triangle” as part of a wider campaign to guard the region in south-east Asia, a vital area for marine biodiversity.

Oxford ecologist Dr Tristram Wyatt said outside the conference: “Insurers such as Munich Re and Hannover Re claim to align with science.

“If they truly do, they must rule out insuring gas expansion in the Coral Triangle.

“Fossil fuel exploration would have devastating consequences here in particular; not only for beautiful wildlife, but also for the livelihoods for 360 million people living in the region and for the fragile ecological balance that supports life globally.”

Munich Re and Hannover Re have new gas exclusion policies that campaigners say should rule out them underwriting the proposed sites.

Boycott Bloody Insurance’s Blythe Brentnall added: “If insurers do not rule out underwriting gas expansion in this critical ecosystem campaign groups will be forced to escalate.

“We are watching closely how the sector responds to demands. Any companies who fail to meet them will receive increasing attention from protesters.”

Thirty-one banks have already ruled out investment and 11 local clans have refused consent.

Campaigners warn the project would be a mega carbon bomb, increasing Papua New Guinea’s annual emissions from the industrial and energy sectors by 7 per cent, resulting in over 220 million tons of CO2, equal to the annual emissions of Bangladesh and its 169 million inhabitants.

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