Australia’s fossil fuel industry admits it is harder to finance projects as climate concerns grow

Parliamentary inquiry told more than 40 underwriters refused to insure a rail line for the Adani coalmine

Fossil fuel producers and their contractors in Australia have admitted moves by major global investors and insurers to reduce their exposure to risks from the climate crisis are making it harder for them to insure and finance major projects.

One contractor building a 120km rail line for the controversial Queensland Adani coalmine said a global search for insurance had failed with more than 40 underwriters refusing to back it.