BACK TO TOP

✌🏿Victory!✌🏼 Leading Global Insurers Rule Out East African Crude Oil Pipeline

Five More Insurance Companies Rule Out EACOP

We’re thrilled to announce that after months of campaigning, five more major insurance companies have announced they will not support the East African Crude Oil Pipeline (EACOP)!

This is a huge win for communities all over the world fighting fossil fuel pollution.

With your support, we’ve kept the pressure up on companies at the controversial insurance marketplace, Lloyd’s of London. As a result, 5 of those companies – SiriusPoint, Riverstone International, Enstar Group, Blenheim and SA Meacock – all confirmed to us last week that they would have nothing to do with EACOP.

That brings the total to 28 global insurers now distancing themselves from the pipeline.

Global Week of Action

But we’re not stopping there. We’re going to ramp up pressure on the big insurers who are still choosing short-term profits over a safe future for our loved ones.

With your help, we can persuade major corporations AIG, Tokio Marine and Hiscox, to rule out involvement in EACOP.

From 26th Feb to 3rd March, we will be taking part in a Global Week of Action – with citizens from Africa to Latin America getting out on the streets and telling insurance companies to protect our future, not fossil fuels.

Sign up here to find exciting events near you.

The Global Week of Action is a perfect opportunity for us to win more victories in the fight against EACOP. Young people in Uganda and Tanzania have been bravely taking the lead, protecting their communities from exploitation and rising temperatures. Alongside Insure our Future and StopEACOP, Coal Action Network is standing in solidarity with them, holding insurance companies to account for their involvement in a dirty project that would endanger local people, and harm vital ecosystems.

Thanks to our movement, EACOP has not yet been built

EACOP is majority-owned (62%) by French oil giant Total, with the rest of the project owned by the state oil companies of China, Uganda and Tanzania.

But, the pipeline has struggled to get insurance and the $3bn loan it needs, causing construction to be delayed by over 4 years. Uganda’s Energy Minister has even said that, due to campaigners’ efforts, securing insurance has been the biggest challenge to the pipeline’s construction. And we’ve convinced 27 major banks to recoil from the project.

But we’re not stopping yet. Total and the Ugandan government are hoping China will step in and lend them the billions they need. Their deadline is April. If we can convince enough insurers to step away from EACOP by then, we will show the Chinese banks that the pipeline is just too risky to touch.

That’s why we will make our voices heard loud and clear on EACOP during the Global Week of Action.

Share now:

Subscribe
Notify of
guest

1 Comment
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
VICKY Moller
VICKY Moller
6 months ago

well done. Do you have any communications channels with the Chinese companies involved?

Never miss an update! Sign up to our Newsletter

OTHER STORIES

Legal challenge against Cumbrian coal mine heard in court

From Tuesday 16th July to lunchtime 18th July, Lord Holgate heard the case, brought by South Lakes Action on Climate Change and Friends of the Earth, against the Government’s 2022 approval of a new underground coal mine at Whitehaven.

Horse Hill Supreme Court victory

Fantastic news today, 20th June 2024. The UK Supreme Court has set a historical precedent, in overturning a previous ruling, considering the legality of approving a new oil site in Surrey. The ground breaking decision stating that ‘downstream’ emissions (those released when a product is used) must be factored into decisions on…

UK election 2024: Parties line up to ban more coal mining

The UK’s last coal-fired power station closes this year, and last year is confirmed the hottest year on record. We’re pleased that the Labour Party has listened to our arguments, along with the Liberal Democrats, the Green Party, and Plaid Cymru which have also ruled out any new coal mining…

Email your election candidate

Coal Action Network asked Who will stop coal? last weekend in Whitehaven, West Cumbria. At the site of the proposed coal mine, members of the local community and supporters gathered to ensure that the question of the mine is being put to election candidates. Now we need you to crank up the pressure and make sure all election candidates across the UK faces this question as they could decide the fate of the coal mine if elected…

Hearing date set for proposed West Cumbria Coal mine

The legal challenges against the government’s approval of a new coal mine off the coast of Cumbria will be heard in London on the 16th to 18th July.

Support local campaign group resist Bedwas coal mine

Mining company, ERI Ltd, is applying to mine nearly half a million tonnes of coal from two coal tips dumped in Caerphilly, South Wales by the same mining industry last time it operated in the area.

Bedwas coal tips: Key facts and impacts

Mining company, ERI Ltd, is applying to mine nearly half a million tonnes of coal from two coal tips dumped in Caerphilly, South Wales, by the mining industry last time it operated in the area. It’s vital we stop this shameless attempt to exploit the mess left behind by the mining industry to justify yet more mining. If the coal tip mining were to go ahead, it would…

Ffos-y-fran opencast coal mine quietly becomes a massive reservoir

Coal Action Network’s drone footage on Monday 11th March raised the alarm bell about the rising water levels. With this footage, a local resident informed Merthyr Tydfil County Borough Council of the rising water levels, only to be told…

Global Week of Action: Putting Insurance Industry in the Hot Seat

The insurance industry found itself in the spotlight last week as a Global Week of Action blossomed across the world. From February 27th to March 3rd 2024, a wave of protests, both online and in the streets, swept through the doors of insurance giants, demanding accountability over their support for polluters and decisive action on climate change.

CONNECT WITH US

Share now:

1
0
Would love your thoughts, please comment.x
()
x