In a significant development, Japan’s Mitsubishi UFJ Financial Group (MUFG) announced its non-involvement in financing the controversial East African Crude Oil Pipeline (EACOP). The decision comes in response to mounting pressure from climate activists and the StopEACOP coalition, highlighting concerns over the project’s impact on climate, nature, and human rights.
MUFG’s withdrawal follows that of Sumitomo Mitsui Financial Group (SMBC Group), reinforcing the growing opposition to the pipeline. The StopEACOP campaign welcomes MUFG’s decision, underscoring the need for financial institutions like Standard Bank to follow suit and withdraw support for the project. With all three Japanese megabanks distancing themselves from EACOP, the spotlight now turns to Chinese lenders considering involvement in the project. Read the full press statement here.