Standard Chartered Plc no longer intends to finance an oil pipeline in East Africa that’s been estimated to generate seven times more CO2 emissions each year than the entire country of Uganda.
A multibillion-dollar oil drilling and pipeline project is displacing thousands of people in Uganda and Tanzania, and ravaging pristine habitats. Environmentalists are fighting to stop it, but the governments are all in.
US insurance broker Marsh McLennan faces a formal complaint claiming that it is breaching OECD guidelines for responsible business conduct through involvement in the East African Crude Oil Pipeline (EACOP).
The world’s largest insurance broker is under fire for supporting a controversial oil pipeline that cuts through East Africa’s national parks. These complaints opened a new front in a larger war within the global insurance industry over the future of support for fossil fuels.
