Insurance firm Britam has backed out of a deal to underwrite the East African Crude Oil Pipeline (Eacop) after the firm’s own internal environmental and social risk assessment revealed that its participation in the $5 billion project violated its backers’ policies and performance standards.
Britam Holdings, a leading east African insurance group and client of the World Bank’s International Finance Corporation (IFC), is the latest carrier to pull capacity from the planned East African Crude Oil Pipeline (EACOP) after conducting a review of the environmental and social risks involved.
East Africa-focused financial services provider Britam Holdings has opted out of insuring a controversial pipeline project – in a move that has been hailed by opponents.
Since EACOP set foot in Uganda and Tanzania, Project Affected Persons (PAPs) have cited delays and unfair compensation for their land. In Uganda, farmers fear the economic consequences of the absence of crops, whilst in Tanzania local communities lack information.
Activists have accused an association of banks claiming to adhere to principles safeguarding people and the environment of “greenwashing.” Two signatories of the Equator Principles are currently advising East African governments and their oil major partners on securing finance for the EACOP pipeline.
Thai sugar giant Mitr Phol, accused of forced displacement, property destruction and land grabbing, is being sued by Cambodian villagers in a class action suit before the Thai courts. This is a David and Goliath battle that is also a first in the region and illustrates the creativity of the activists who support them.
Accusé de mener un mégaprojet pétrolier climaticide au mopérantépris des droits humains en Ouganda et en Tanzanie, TotalEnergies devait comparaître devant la justice française ce mercredi 12 octobre, face à des ONG.
At least 30 people were killed in Uganda following flash floods in August, which saw rives burst their banks after two days of heavy rainfall. This has become a common tale: Heavy rains, flash floods, deaths, displacement and disruption of social and economic aspects of victims’ lives.
Construction of a massive oil pipeline in Africa is underway. For the governments of the countries it will run through, it promises new economic opportunities. But for many others, it could spell trouble.
