Global insurer Aviva warns of 'grave reputational risks' of Carmichael mine

President of Kiribati calls for immediate worldwide moratorium on new coalmines and expansions ahead of Paris climate talks

A major global insurer has warned of the "grave reputational risks" of bankrolling Adani's huge Queensland coal project, as the vulnerable island nation of Kiribati has begun a diplomatic campaign to halt new coalmines worldwide.

The investment arm of UK-based Aviva, which manages assets worth $522bn, is the latest international financier to flag concerns over the Carmichael coalmine, which it said could become a "stranded asset" and was "the antithesis of what was needed" ahead of key UN climate talks in Paris in December.