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8 Sep 2023

Raphael Mavambu, Greenpeace Africa

DRC: Greenpeace's report on potential difficulties for oil companies if leading insurance companies follow their ESG commitments, incl. protecting indigenous peoples rights

" Congo oil fields are quickly becoming uninsurable" 8 September 2023

Any company granted exploration and exploitation rights in the Democratic Republic of Congo (DRC) oil auction could find itself without financial protection, according to a report published today by Greenpeace Africa, Insure our Future, Reclaim Finance and Urgewald. If leading insurance and reinsurance companies follow their commitments and their general environmental, social, and corporate governance (ESG) policies, oil companies would struggle to find coverage for their environmentally and socially destructive business plans or it will be significantly more expensive. [...] On the basis of in-person interviews conducted by Greenpeace Africa, the report demonstrates the risk of absent free, prior and informed consent (FPIC) of Indigenous Peoples and local communities in designated oil blocks. It also shares warnings by leading scientists regarding the biodiversity and climate impacts at stake, as well as concerns about war, corruption, illegality, and political instability in the country.