Climate Groups Demand Lloyd's Drop Bahamas Oil Project

Law360, London (March 22, 2021, 5:38 PM GMT) -- Almost 30 climate campaign groups called on Lloyd's of London on Monday to cut future insurance cover for the Bahamas Petroleum Company PLC's exploratory oil drilling project, and to not back coal projects in Australia and Britain.

Environment groups, such as U.K.-based Campaign Against Climate Change and the Coal Action Network, as well as France-based Reclaim Finance, which campaigns about the impact of financial companies on the climate, were among the 29 organizations that wrote a joint letter to executives at Lloyd's demanding the specialist insurance market withdraw its backing of oil and coal businesses.

The activists believe the oil drilling...

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