A new Finance Risk Update on the East African Crude Oil Pipeline (EACOP) project highlights the mounting opposition to the project in Uganda, Tanzania, and globally, citing significant financial, reputational, and legal risks. The update shows that even more banks and insurers are withdrawing their support for the project, bringing the total number of banks to 24 and insurers to 23, including some of Europe’s largest financial institutions.
The report argues that the project’s climate impacts could be greater than previously estimated and urges financial institutions to consider the full range of environmental, human rights, and climate risks associated with the project. The publication coincides with the World Bank Group’s Spring Meetings in Washington DC, where it is expected to be a major topic of discussion.
The report calls on financial institutions to engage robustly with project sponsors TotalEnergies & CNOOC, to push for an end to the project, and support a clean, renewable and rights-compatible energy future. Read the full press release here and the link to the full report here.