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Article

8 Mar 2021

Author:
Julius Barigaba, The EastAfrican (Kenya)

NGOs urge banks not to finance East African Crude Oil Pipeline citing environmental & social concerns

"NGOs' pressure on banks threatens $3.5bn pipeline project financing"

The East African Crude Oil Pipeline (Eacop) project took a new twist...when 263 non-governmental organisations sought to persuade at least 25 banks listed as potential financiers of the $3.5 billion development not to participate, citing environmental and social risks. The NGOs in their letter to the lenders claimed the project would fuel climate change by transporting oil generating over 34 million tonnes of carbon emissions each year.

Under pressure to stop financing fossil fuels including coal projects, six banks that the pipeline’s lead investors – French oil major Total, China National Offshore Oil Corporation (CNOOC) and the governments of Uganda and Tanzania –  target as lenders, have reportedly indicated that they would not take part.

Part of the following timelines

Standard Bank suspends its support for the East African Crude Oil Pipeline after NGOs urge banks to withdraw citing environmental & social concerns

Uganda & Tanzania: NGOs urge banks not to finance proposed oil pipeline due to human rights concerns incl. displacement and loss of livelihoods; incl. responses and non responses from banks