Allianz, one of the world’s largest oil and gas insurers, is the seventh insurer to commit not to insure the East African Crude Oil Pipeline (EACOP), following recent statements from Munich Re, Hannover Re and SCOR. In an email to campaigners from, #StopEACOP, Inclusive Development International and Insure Our Future, Allianz stated:
“Allianz is not providing direct insurance to the East African Crude Oil Pipeline project, as it neither meets our climate ambition nor falls within our ESG risk profile.”
"It is now official, 7 out of the 15 (re)insurers we have approached have concluded that EACOP is a huge risk for them to underwrite. What are Lloyd's of London and the others waiting for? Insurers must not be accomplices to climate-wrecking fossil fuel projects like EACOP which is mired in human rights violations, unprecedented climate consequences and social and environmental harms."
“Allianz and the growing list of firms backing away from EACOP are doing the right thing. But if other insurers step in, the pipeline could still move forward. That’s why we’re calling on Lloyd’s of London to advise its members against participating in coverage. It's shameful that they have so far refused to take a stand."
Allianz’ rejection of EACOP comes amidst campaign pressure in which Insure Our Future has been calling on the insurer to adopt an ambitious oil and gas policy ahead of its Annual General Meeting.
“Allianz wants to be seen as a leader on sustainability. If it wants to uphold this image, it needs to rule out underwriting new oil and gas projects in line with climate science.”
#StopEACOP is a global campaign against the construction of the East African Crude Oil pipeline (EACOP), a proposed 1,445-kilometer heated pipeline that will transport oil from Hoima, Uganda, to the port of Tanga in Tanzania. The campaign is led by an alliance of local groups and communities, and African and global organizations. Over 260 organizations have endorsed and are working towards realizing the campaign objectives through public mobilizations, legal actions, research, shareholder activism, and media advocacy.