Senator WATERS (Queensland) (16:05): I ask that general business notice of motion No. 69 standing in my name for today, relating to all Australian based insurance companies no longer insuring new thermal coal projects, be taken as a formal motion. The PRESIDENT: Senator Waters, I take this opportunity to remind senators to not editorialise in asking that motions be taken as formal. There has been a bit of that creeping in. Senator WATERS: Thank you, Mr President. I just wanted to make sure that everyone knew what the motion was about. The PRESIDENT: Is there any objection to that motion being taken as formal? There being none, I call Senator Waters. Senator WATERS: I move: That the Senate— (a) notes that: (i) the ability to secure finance and insurance is a crucial step in the development of large-scale resources projects, providing protection for developers, government and the community, (ii) Suncorp last week announced that it would no longer invest in, finance or insure new thermal coal mines and power plants, and will not underwrite any existing thermal coal projects after 2025, (iii) QBE Insurance announced in March that, from 1 July 2019, it would no longer directly invest in or insure new thermal coal projects and would stop underwriting existing operations from 2030, (iv) all Australian-based insurance companies have now effectively committed to removing coal from their investment portfolios, and (v) many major multi-national re-insurance providers, including Allianz, AXA, Swiss Re, Munich Re and Zurich, have also restricted investment in, and underwriting of, thermal coal projects; and (b) calls on the Federal Government to: (i) pay attention to the financial signals and recognise that thermal coal projects are increasingly unviable, and (ii) commit to action to progress a rapid and just transition to clean and renewable energy sources for a low-carbon economy.