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 […]
Allianz becomes 7th insurer to reject the East African Crude Oil Pipeline
Watchdog Slams World Bank Group for Helping Bankroll Philippines Coal Boom
MANILA, Philippines – The World Bank Group’s private lending arm, the International Finance Corporation (IFC), violated its own environmental and social protection policies as it helped bankroll a disastrous coal boom in the Philippines, according to an independent investigation made public today. In its report, the IFC’s internal watchdog, the Compliance Advisor Ombudsman (CAO), calls […]
The World’s Largest Insurer, Munich Re, Rejects EACOP
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 […]
Global Insurance Firms Steer Clear of Total Energies’ Embattled East African Crude Oil Pipeline Project
As major insurers say no to providing coverage for the highly controversial East African Oil Pipeline (EACOP), the pressure is mounting on Munich Re, Lloyd’s of London and others that have yet to comment on their potential involvement. French multinational (re)insurance company SCOR is the latest global insurer to commit not to provide coverage for […]
Bowing to public pressure, Rizal becomes first bank in Philippines to exit coal
Rizal Commercial Banking Corporation (RCBC) made the announcement after years of pressure from climate activists in the Philippines and an investigation of the bank’s practices by one of its most prominent shareholders, the World Bank Group’s International Finance Corporation. “[N]o more coal. I’ll say that slowly: no more coal,” said the bank’s president and CEO, Eugene Acevedo, at […]
Saying no to coal: IFC’s new Green Equity Approach unveiled
The World Bank’s private lending arm has unveiled its new approach to greening equity investments in financial institutions. The International Finance Corporation (IFC) says it will end equity investments in financial institutions that do not have a plan to phase out investments in coal-related activities. The “30 by 30 Zero Program” aims to help the banking […]
Civil Society Organizations to the African Development Bank: Don’t fund EACOP
(March 23, 2020) – More than 100 civil society organizations have written to the President of the African Development Bank warning the bank against financing the East African Crude Oil Pipeline, which they call “an exceptionally high-risk project.”