World Bank client backs out of EACOP after risk assessment
Britam Holdings, a leading East African insurance group and client of the World Bank’s International Finance Corporation (IFC), has decided not to participate in underwriting the planned East African Crude Oil Pipeline (EACOP) after conducting a review of the environmental and social risks involved. This is a major blow to project developers, including TotalEnergies and […]
TotalEnergies’ East African pipeline breaches international environmental and human rights standards
A new report assessing the East African Oil Pipeline (EACOP) and associated oil fields against internationally recognized environmental and human rights standards for financial institutions finds numerous violations, putting banks at risk if they sign on to support the project. The assessment, undertaken by the Africa Institute for Energy Governance (AFIEGO), Inclusive Development International (IDI) […]
Top Dutch Asset Manager drops Total over East African pipeline project
Dutch asset management company, ACTIAM, confirmed this week in an interview with The Guardian that it pulled all investments from TotalEnergies and placed the company on an exclusion list over concerns about its controversial East African Crude Oil Pipeline (EACOP) project. ACTIAM is among the top ten Dutch asset managers and had nearly $4 million […]
Allianz becomes 7th insurer to reject the East African Crude Oil Pipeline
The World’s Largest Insurer, Munich Re, Rejects EACOP
Hannover Re becomes 5th re/insurer to opt out of East African Crude Oil Pipeline
Hannover Re is the latest insurer to reject EACOP, joining Swiss Re, Axa, Zurich and SCOR in publicly committing that they will not underwrite the pipeline. Last week, after SCOR committed not to insure EACOP, Hannover Re quickly followed suit, stating, “we refrain from providing reinsurance coverage for EACOP due to noncompliance with our ESG […]
Global Insurance Firms Steer Clear of Total Energies’ Embattled East African Crude Oil Pipeline Project
As major insurers say no to providing coverage for the highly controversial East African Oil Pipeline (EACOP), the pressure is mounting on Munich Re, Lloyd’s of London and others that have yet to comment on their potential involvement. French multinational (re)insurance company SCOR is the latest global insurer to commit not to provide coverage for […]
World Bank’s Back Door Support for East African Oil Pipeline Imperils the Planet, Complaint Alleges
(Kampala) — Three organizations representing thousands of people in Uganda today filed a complaint against the World Bank for indirectly backing one of the world’s largest and riskiest oil developments. The planned East African Crude Oil Pipeline (EACOP) and Kabaale refinery, along with the associated development of oil fields on the shores of Lake Albert, […]
East African Crude Oil Pipeline: more banks to stay away from troubled Total project
Uganda: Release human rights defender arrested while investigating impacts of Total’s oil projects
Maxwell Atuhura, a field worker for our partner organization AFIEGO (Africa Institute for Energy Governance) and fellow member of the global #StopEACOP Alliance dedicated to stopping the development of the East African Crude Oil Pipeline, was arrested along with Italian journalist Federica Marsi yesterday in Buliisa, Uganda’s oil region. The arrest occurred as they were […]