World Bank client backs out of EACOP after risk assessment

A DIRT ROAD IN THE MURCHISON FALLS NATIONAL PARK NEAR LAKE ALBERT. OIL DRILLING WILL BE HAPPENING NEAR THIS ROAD.

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 […]

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 […]