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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.

Unprecedented Mobilisation

Never before have these companies faced such pressure to clean their act up and insure our future, not fossil fuels. The Week of Action saw hundreds of thousands of people participating in online campaigns, while thousands more engaged in creative protests across 31 countries, spanning 5 continents. In total, over 100 events occurred worldwide, making it the largest ever coordinated campaign aimed at persuading the insurance industry to do the right thing.

Raising Awareness, Igniting Change

The resounding message echoed by this global movement was clear: insurers can no longer hide their dirty deals with fossil fuel companies. As awareness grows around the crucial role insurers must play in solving the climate crisis, boardrooms and corner offices are abuzz with serious discussions about continued insurance coverage for polluting projects.

Coal Action Network combined forces with Extinction Rebellion, Stop EACOP and Tipping Point to hold the City of London to account. Here are the top picks from the Global Week of Action:

Sit-Ins at 5 Insurance Companies’ Offices

The week of action was opened on 27th February with sit-ins at 5 offices: Tokio Marine, Probitas, Talbot, Travellers and Zurich. Activists held banners reading “Don’t Insure EACOP” and “Don’t Insure West Cumbria Coal”.

Actions across the country

🔥 From Glasgow to Manchester, Birmingham to Brighton – local groups across the UK took to the streets to hold big insurers to account; including Zurich, Hiscox, Tokio Marine, AIG, Chubb, M S Amlin, QBE and AXA.

🌪️ Braving wild weather with courage and creativity actions included blockades, rallies, marches, occupations, letters, outreach and street theatre!

In Manchester, northern activists from a variety of climate action groups came together for a rally.

Activists from North East & Cumbria met at the AXA Insurance office in Middlesbrough with a coffin and banners for a die in with shrouds. Offices of AIG in Glasgow were occupied while a 100 others marched with Oil Slick performers, a bagpiper, and a huge "carbon bomb" to the Hiscox office nearby.

A Wake-Up Call for the Industry

The Insurance Global Week of Action served as a wake-up call for an industry that has long operated in the shadows. Today, more people than ever before are acutely aware of the pivotal role insurers must play in transitioning towards a safe and healthy future. The global outcry has made it impossible for insurance companies to turn a blind eye to the mounting damage to our communities and our planet, caused by their enabling of polluters and new fossil fuels.

As the dust settles from this unprecedented mobilization, one thing is certain: the insurance industry can no longer afford to ignore the demands of a global movement that is determined to persuade them to do the right thing: insure our future, not fossil fuels.

Our demands are:

Stop insuring fossil fuels

Immediately cease insuring new and expanded coal, oil, and gas projects and the companies developing them.

Respect human rights

Immediately adopt robust policies to ensure that clients fully respect all human rights, including Free, Prior, and Informed Consent (FPIC) of impacted communities.

Support a just transition

Play an active role in the just transition by increasing support to clean energy projects by, and for, communities most impacted by climate change and facing energy access crisis.

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.

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.

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.

On 20th of November 2023 members of Coal Action Network, StopEACOP UK and Extinction Rebellion held a protest against Sinosure – a Chinese-state owned insurance company with ties to the East African Crude Oil Pipeline (EACOP). The global day of action saw protests in London alongside those in Tanzania, Uganda, South Africa and Washington DC.

If built, EACOP, majority-owned by French oil company Total, would be the longest heated oil pipeline in the world. However, it has so far been blocked from construction. The project has faced difficulties raising finance and getting insurance after sustained campaigning efforts resulted in numerous banks and insurers committing to rule it out. This is why the Ugandan government has, in an act of desperation, now turned to Chinese institutions to prop it up.

Today’s global actions focused specifically on the state-owned China Export & Credit Insurance Corporation (Sinosure), the Export-Import Bank of China (China Exim), and the Industrial and Commercial Bank of China (ICBC). Sinosure is said to be in advanced talks with the Ugandan government about providing credit for the project.

In London, protesters dressed in iconic Total red boiler suits and held banners saying “Solidarity with East Africa” and “Sinosure drop EACOP”. The group protested for an hour and handed in a petition signed by thousands of directly impacted citizens opposed to the planned 1443 km pipeline. They were met with two police vans and eight police officers blocking the main door to the Sinosure building at 85 Gresham Street, London. This made for a ratio of two or more police officers per protester. Meanwhile, in Uganda seven activists were arrested for holding an anti-EACOP banner.

Clearly, banks and insurers are afraid of people-power, and are trying to push carbon bomb projects through at the cost of human freedom and natural ecosystems.

However, activists see a golden opportunity to delay and ultimately stop EACOP. According to recent reports, 100km of the pipeline has been produced by Chinese manufacturers and is being shipped to Tanzania, while wells are being drilled in Kingfisher and Tillenga oil fields in Uganda. But, EACOP cannot get its crucial funding without Sinosure’s support, who are expected to make a decision by April 2024 after repeated delays.

The powerful work of campaigners and frontline communities has stopped EACOP in its tracks time and again. As we approach the New Year, the movement is ready to end this project for good and amplify the African voices calling for green jobs and a safe future.

On 18th October dozens of protesters staged a sit-in occupation of the plush City of London offices of ten Lloyd's of London insurers demanding they rule out insuring the proposed West Cumbria coal mine and East Africa Crude Oil Pipeline (EACOP).

In collaboration with Fossil Free London’s “Oil Money Out” and standing in solidarity with South African activists in Johannesburg, protesters gathered first at Standard Bank then marched waving banners saying “Don't Insure EACOP' and “Don't Insure West Cumbria Mine” to three high profile buildings including the “Walkie Talkie”.

In a simultaneous action others entered the office foyers of Talbot, Chaucer, Ascot, Markel, Allied World, CNA Hardy, Tokio Marine Kiln, and Sirius International and Lancashire Syndicates and refused to leave.

Community members from Cumbria and Uganda joined the protest, sharing the united call to insurers and banks to stop underwriting deadly fossil fuel projects. The West Cumbria Mine will break the UK government’s legally-binding net zero emissions target and the massive 1443 km East Africa Crude Oil Pipeline will wreak havoc on communities, jeopardise ecosystems and water supplies and eliminate the possibility of Earth remaining habitable. There can be no new fossil fuels anywhere if global heating is to remain under 1.5C. Neither project will be able to go ahead without financial backing.

The protesters were joined by Patience Nabukalu, a youth activist from Fridays for Future Uganda who said:
“We have gathered here today to demand that insurers cut ties with the EACOP. By supporting this deadly fossil fuel project they undermine any climate commitments they have made. People in Uganda are facing human rights violations in the name of this project. This has to end.”

Insurers from Lloyd’s of London have come under increasing pressure to rule out offering insurance to both the West Cumbria coal mine and EACOP, facing protests at offices across the UK with hundreds of students entering the job market refusing to work for them.

Claude Fourcroy, a spokesperson for Money Rebellion said: “We are calling on all the banks and insurers behind the West Cumbria mine and East Africa Crude Oil Pipelines to cut their ties now. Both of these projects will fuel climate breakdown. Lloyd’s of London and the insurers in its market sit at the centre of a web of climate wreckers in the City of London, alongside Barclays and HSBC.”

The occupations came on the second day of the Fossil Free London “Oily Money Out” protests targeting the Energy Intelligence Forum where fossil fuel corporations talk to government. This Forum occurs in the run up to the COP28 Climate Conference where President Sultan Al Jaber CEO of ADNOC (Abu Dhabi National Oil Company), has been captured by fossil fuel corporations.

There must be no more coal, no more gas and we must stop the flow of oil. Join our campaign to stop insuring the climate crisis.

In March, the Intergovernmental Panel on Climate Change (IPCC), the body of the world's leading climate scientists, released the last instalment of their sixth assessment report (AR6). This delivered a "final warning" – the comprehensive review of the climate crisis took hundreds of scientists eight years to compile and runs to thousands of pages, but boiled down to one message: act now, or it will be too late.

Yet, according to the report, we still have hope of staying within 1.5°C. Hoesung Lee, the chair of the IPCC, said: “This synthesis report underscores the urgency of taking more ambitious action and shows that, if we act now, we can still secure a livable sustainable future for all.”

Together, as part of this global movement, we need to keep the pressure on the governments, financiers, insurers, and fossil fuel companies that are pushing us deeper into climate crisis, putting profits above people and our planet. We've compiled five actions you can take with us, based on the report's findings and recommendations.

"No New Coal"

According to the UN Secretary General, António Guterres, “no new coal and the phasing out of coal by 2030 in OECD countries” is step #1 to accelerate climate action.

Yet Wales is about to decide whether to expand the UK's biggest opencast coal mine, by four years and 2 million tonnes of coal. Sign our petition to call on the Welsh Government to stop this from going ahead: https://you.38degrees.org.uk/petitions/don-t-expand-uk-s-biggest-opencast-coal-mine.

"Partial pledges won't cut it"

The reports states there will be dire consequences if countries scrap carbon pledges. That’s exactly what the Whitehaven coal mine would do, which was approved by the UK government last December.

It's still possible to stop the mine, and our friends at South Lakes Action on Climate Change want to do – but we need your help. Donate to help them mount a Judicial Review against Whitehaven coal mine in Cumbria: https://www.crowdjustice.com/case/challenge-the-cumbria-coal-mine/.

"End all international public and private funding of coal"

Guterres points to the backers of fossil fuel companies. Adani’s Carmichael coal mine can only be financed because Lloyd's of London syndicate Probitas 1492 insures it. No insurance = no coal mine.

Sign up to tell Probitas staff to drop this project: https://actionnetwork.org/forms/take-regular-action-to-stop-adani.

"Cease all licensing or funding for new oil & gas"

Insurers listen up: oil&gas shouldn’t be funded or licensed…so don’t insure it! Set to be the world’s biggest heated oil pipeline, EACOP must be stopped.

Take regular action emailing insurance staff to warn them not to insure EACOP: https://actionnetwork.org/forms/take-regular-action-to-stopeacop-2/.

"It will take a quantum leap in climate action"

As we said, the report isn't without hope: “as it shows, the 1.5-degree limit is achievable. But it will take a quantum leap in climate action.”

If you want to get inspired, we recommend watching FINITE: The Climate of Change, an award-winning feature documentary about people standing up against the fossil fuel industry. Check out their Twitter for details of any upcoming screenings: https://twitter.com/finitedoc. Or you can watch FINITE online now via WOWFilm. Only available for 200 views, over half have gone already, so make sure not to miss it! The price is “pay what you feel. If you can, please donate so they can keep making films.

Following a week of protests, Cincinnati Global’s syndicate at Lloyd’s confirmed that it will not insure the East Africa Crude Oil Pipeline, which has been the subject of international protests.

(Nick Chalk), Active Underwriter with Cincinnati at Lloyd’s confirmed verbally with a member of the Insure our Future campaign, “We 100% do not write this project and we have no intention of ever writing it.”

“Thousands of Ekō and Coal Action Network members sent over 4 millions of emails, thousands of tweets and hundreds of phone calls to 3,140 Lloyd’s managing agents staff, demonstrating to the insurers the unfailing mobilization of people worldwide against the coverage of the shameful EACOP and any new destructive fossil projects, said Leyla Larbi, of international NGO Ekō.”

Talbot (AIG) at Lloyd’s, which has been equally targeted, also by street demonstrations, did not make a statement. Parent company AIG was also targeted the same week by protests at its New York headquarters on EACOP.

Isobel Tarr of Coal Action Network said “The pressure will continue to grow on Talbot and AIG to get them to commit to ruling out EACOP. When their counterparts in the Lloyd’s marketplace have started to rule out this monstrous pipeline, Talbot’s silence starts to sound like complicity with the project and all its associated climate impacts and human rights abuses.”

Following these protests, more accounts of associated human rights abuses have surfaced, as a French civil court heard the case against Total’s conduct brought by African Civil Society organisations. Witnesses detailed the French oil giant’s forceful acquisition of land and property leaving families without food. The case was ruled inadmissible on a technicality.

Meanwhile, community leaders in Uganda have reported an escalation in ‘phsychological torture’, by the Ugandan state, including harrasment and detentions, as the French oil company Total Energies and the Chinese state company CNOOC are moving ahead with the oilfields and pipeline projects.

Baraka Lenga, of the Tanzanian chapter of the international multi-faith network GreenFaith, said: “We applaud Cincinnati Global’s syndicate at Lloyd’s for taking a stand and refusing to insure the East Africa Crude Oil Pipeline. Their decision sends a strong message that the environmental and human rights impacts of this project cannot be ignored. However, Talbot’s silence in response to the protests is concerning. We urge them and AIG to listen to the concerns of local communities and to prioritize the protection of people and the planet above profit.”

ENDS

Notes to Editors

About EACOP

The EACOP would be the world’s biggest heated oil pipeline, stretching nearly 900 miles (1,443 kilometers) through the heart of East Africa from Uganda to Tanzania. The project, developed by the French oil company Total Energies and the Chinese state company CNOOC, has already caused large-scale displacement of local communities and poses grave risks to protected environments, water sources and wetlands in both Uganda and Tanzania. Those include the Lake Victoria basin, which 40 millions of people rely upon for drinking water and food production. If completed, it would also enable the extraction and transport of enough oil to generate over 34 million tons of CO2 emissions per year at peak production, exacerbating the ongoing climate emergency.

#StopEACOP

Since its inception, the project has faced opposition from affected communities along the pipeline route and their advocates, as well as the global #StopEACOP campaign that they built. For more on this, visit www.stopeacop.net.

To date, 24 banks and 23 insurance companies have ruled out providing support to the EACOP project due to the unacceptable environment and human rights impacts. The EACOP project backers are currently looking for funding and for re/insurance and are approaching the London financial and insurance markets for support. And social movements are responding with creative and direct action

Talbot Underwriting Ltd

Talbot is part of the AIG group of companies and manages the syndicate 1183 at Lloyd’s of London. AIG sets ESG policy for Talbot and has policies against some oil extraction including tar sands, but is also yet to comment on EACOP.

Cincinnati Global Underwriting Ltd

Cincinnati, which manages syndicate 318 at Lloyd’s, has previously issued public statements ruling out Adani Carmichael coal mine and the Trans Mountain Pipeline (Tar Sands)

Yesterday, 23rd February activists from the StopEACOP Coalition held an ‘oil spill’ demonstration outside the offices of two insurance companies, Talbot & Cincinnati Global Underwriting to demand the companies rule out the controversial East Africa Crude Oil Pipeline (EACOP).

Activists staged a moveable ‘oil spill,’ with hazard signs that highlighted the risks of the controversial project, outside the offices of Talbot, before taking the scene with them to Cincinnati Global Underwriting to target staff at both Lloyd’s of London insurers. Activists brought banners naming the individual insurers, demanding they distance themselves from fossil fuel projects like EACOP, and talked to staff to urge them to raise the matter internally.

Meanwhile, phone calls poured into the offices of both companies with supporters of the demonstration urging the company to take a position against EACOP on environmental and human rights grounds.

On the reason for targeting the firms Talbot and Cincinnati, Elara Shurety of Coal Action Network explained:

"While Cincinnati and AIG (parent company of Talbot) have ruled out other climate-wrecking projects such as Adani and the Trans Mountain Pipeline, they have stayed silent when asked about EACOP, and their oil and gas policies are relaxed enough to permit them to insure this climate disaster. We know that EACOP is seeking insurance at Lloyd’s where these companies manage syndicates."

Despite the growing controversy around the project, including human rights violations, the French oil company Total Energies and the Chinese state company CNOOC are moving ahead with the oilfields and pipeline projects.

Baraka Lenga, of the Tanzanian chapter of the international multi-faith network GreenFaith, said: "We urge Talbot and Cincinnati to commit publicly to ruling out the East African Crude Oil Pipeline. Our land, water, and natural resources are integral to our livelihoods and culture, and this pipeline poses a significant threat to our well-being and future with unacceptable risks and impacts. We implore the insurance companies to stand with us by prioritising the health and safety of our communities, as well as the preservation of our environment. Let us work together towards sustainable development that benefits everyone, instead of supporting a project that will only bring harm to our beloved home."

Maxwell Atuhura, of the Africa Institute for Energy Governance (AFIEGO) in Buliisa, Uganda, said: "Financial institutions and insurers that choose to lend their financial muscle to harmful fossil fuel projects, must recognise their role in fuelling the climate crisis that is devastating communities. It's time these institutions make a conscious effort to transition towards more sustainable and ethical investments. Those which have ruled out EACOP have chosen to prioritise the lives of communities and the future of our planet and generations to come."

The protest comes on day four of a coordinated 'global week or action on EACOP' by the StopEACOP coalition of civil society groups including Coal Action Network, Money Rebellion, Let’s Stop EACOP UK, BankTrack and Tipping Point UK. Throughout the week Lloyd’s insurers have been targeted through street demonstrations, online activities and phone calls. Since Monday an unprecedented 4 million emails have been sent to Lloyd's of London insurers by thousands of global supporters of the campaign, in a ‘communications blockade’ urging them to join the 22 other insurers that have already ruled the project out.

AIG, parent company of Talbot, will also be targeted by the StopEACOP global week of action in New York in a demonstration on Friday 24th February in NY on Friday.

Four insurers ruled out EACOP in the past two weeks due to pressure from activists and engagement with campaigners, with Canopius the latest to distance itself from the mega-pipeline

A statement from Canopius followed the hand delivery of a letter from Money Rebellion, urging them to rule out the controversial project. Lee Jones, Head of Marketing and Communications at Canopius said: “Canopius can confirm that we have no involvement, or plans to be involved with the insurance of the East African Crude Oil Pipeline.”

The East Africa Crude Oil pipeline, or EACOP is a 1,443 kilometre pipeline planned for Uganda and Tanzania. It threatens to displace thousands of families and farmers from their land, severely degrade critical water resources and wetlands in both Uganda and Tanzania, and rip through numerous sensitive biodiversity hotspots. The oil transported via the pipeline would generate 34 million tons of carbon emissions each year. Local resistance against the project has been ongoing since 2017 as an international Stop EACOP campaign has led advocacy since 2020.

Activists pointed to insurers who have been contacted but are yet to rule out the project, including Brit, Chaucer and Tokio Marine Kiln, Chubb, Liberty Mutual and AIG, as the next targets. All have syndicates within the Lloyd’s of London marketplace which has been criticised over its lack of robust exclusions on fossil fuels.

Further companies with syndicates in the Lloyds marketplace yet to respond to the request for information about their involvement in EACOP include Cincinnati Global and Lancashire Syndicates.

This week, the Extinction Rebellion group, Money Rebellion, will hand-deliver letters to Brit, Chaucer, Tokio Marine Kiln and Chubb, encouraging them to rule out the controversial scheme.

Hundreds of activists from around the world have joined an online platform supporting them to contact insurers and make a case for staying away from EACOP by exposing the numerous climate, environmental, social risks and human rights violations associated with the project. Coal Action Network estimates that by Tuesday morning around two thousand emails will have been received by staff at Brit and Chaucer.

Last week the East African regional insurer Britam ruled out the project in response to a complaint that it did not meet the IFC (International Finance Consortium) Performance Standards. Arch and AEGIS, both Lloyds of London syndicates also ruled out involvement.

Samuel Okulony, of Ugandan organisation and #StopEACOP partner Environment Governance Institute (EGI), said, "Supporting projects that are marred by human rights violations, environmental degradation, and the destruction of our country's natural heritage is unacceptable. While some reinsurers and banks have abandoned the EACOP project due to its disastrous nature, we continue to urge those who are still considering it to refrain from being complicit and to withdraw financial support."

Isobel Tarr of Coal Action Network added, “Because the project can’t be fully insured in-country, global insurance broker Marsh is seeking insurance for EACOP on the international market. Lloyds of London is top of the list, and all the companies the #StopEACOP campaign is targeting syndicates there. If Lloyd’s brought in robust exclusions on fossil fuels then their syndicates wouldn’t be subject to such pressure from campaigners on projects like EACOP.”

EACOP has been condemned by the European parliament for its associated human rights abuses in Uganda and Tanzania with arrests and indefinite detention of peaceful protestors taking place in October, forcing other insurers to distance themselves. The pipeline and associated Tilenga oil field are expected to displace almost 118,000 people in Uganda and Tanzania. And nearly a third of the pipeline would be built in the Lake Victoria Basin, on which more than 40 million people depend for their water and food production and where an oil spill would be disastrous.

The East Africa Crude Oil Pipeline is a heated oil pipeline currently under construction. Once completed, it will stretch for almost 1,445 kilometres across Tanzania and Uganda – making it the longest heated crude oil pipeline in the world.

The pipeline will disturb sensitive ecosystems, and a vital water supply supporting 40 million people. Its ongoing construction has already displaced thousands of people in villages in Uganda, with 100,000 people expected to be displaced.

Insurers are openly ruling out EACOP in quick succession, including 4 of the world’s biggest re(insurance) companies: Munich Re, Swiss Re, Hannover Re, and SCOR.

We can see these tactics are working - we just got Arch and AEGIS to rule out insuring this deadly project. But we need all insurance companies to rule out EACOP, and stop the toxic pipeline at its source. Next, we want Brit, and Chaucer insurance to rule it out, and we know that constant pressure works.

SIGN UP to take action, and you will receive details of new people at Arch to email every couple of days. Let's convince them to stop insuring climate breakdown.

Contact: Andrew Taylor, Coal Action Network, andrew@coalaction.org.uk

Arch Capital Group Ltd and AEGIS London join the 19 (re)insurance companies ruling out the controversial East Africa Crude Oil Pipeline (EACOP) project.

Arch Capital Group Ltd responded to ongoing pressure on their insurance business by ruling out insurance for the East Africa Crude Oil Pipeline (EACOP). A statement issued by the company follows sustained pressure on Lloyd’s of London managing agents to rule out underwriting EACOP, and days after Money Rebellion spilt fake oil outside Arch’s London offices.

Patrick Palmer, Head Of Marketing and Communications at Arch Insurance International, confirmed, in an email to Money Rebellion and Coal Action Network : “Arch Capital Group Ltd. can confirm, on behalf of its underwriting operations, that it has not and will not issue any insurance policies covering the East African Crude Oil Pipeline.”

Arch Capital Group Ltd had been targeted by people across the world, from a range of groups, for over two months exposing the numerous climate, environmental, social risks and human rights violations associated with the project. Thousands of emails had been sent to staff asking them to raise the issue with senior management, hundreds of supporters of the #StopEACOP coalition and Coal Action Network, called Arch to recommend they rule out EACOP, and regular protests have been held at Arch’s offices.

In the same week, AEGIS London also ruled out the controversial project as the project doesn’t meet their ESG policy. The total number of insurers ruling out EACOP now stands at 21. Both companies are members of the Lloyds of London insurance marketplace where it has been suggested that the companies behind EACOP (TotalEnergies and CNOOC) are seeking insurance.

Omar Elmawi, Coordinator of #StopEACOP Coalition stated, "the number of banks (24) and (re) insurers staying away from EACOP is a clear indication that this pipeline and the associated oil fields will cause huge impacts to people, nature and climate if allowed to proceed. Supporting this project is supporting human rights violations and a carbon bomb that will be impossible to difuse once it goes ahead."

The fake oil spill outside Arch’s offices was organised by Money Rebellion as part of a series of actions targeting ‘fossil fuel enablers’ across London, where different Extinction Rebellion groups targeted different organisations asking them to cut their ties with fossil fuels.

Rafela FitzHugh from Money Rebellion said: “We’re happy with Arch and AEGIS’ announcements, but people shouldn’t still have to push for change. With deadly weather destroying lives across the world, the insurance sector should be turning its back on all new fossil fuel projects now. Citizens resisting the East Africa Crude Oil Pipeline in Uganda and Tanzania, are facing arrest and human rights abuses. We continue to stand with them and have written to Canopius Group, and Chaucer, to tell them to expect us on their door step soon if they don’t rule out insuring EACOP.”

A number of insurance companies contacted by the Stop EACOP campaign have offered no comment on their involvement. These include AIG, Tokio Marine Kiln, Brit, Canopius Group, Chubb, Liberty Mutual and Chaucer.

Isobel Tarr of Coal Action Network said “It’s clear that insurance companies want to avoid being implicated in this disastrous project, and that hundreds of people taking small actions can compel insurance companies to take a stand. If companies want to avoid coming under this kind of pressure then they need to adopt robust exclusion policies on all fossil fuels, and this includes Lloyd’s of London.”

With 24 major banks also ruling out support, the project developers have postponed the project’s financial close and are aiming for a new deadline of early 2023. This is not the first time the financing of the project has been delayed. The EACOP has now been delayed 3 years and counting.

Stop EACOP campaign advocates that instead of locking Uganda into a fossil fuel trap, financial actors should redirect their investments towards renewable energies. Instead of an economy that relies on multinationals extracting as much profit as possible, Uganda and Tanzania need an economy that is shaped and driven by local people and celebrates the people, biodiversity, heritage and natural landscapes of the region. An economy that provides quality jobs and long-term, sustainable financial security for young people, men and women. An economy that does not require the destruction of the environment, endangering wildlife, or driving families off the farmland on which they depend.

ENDS

Photos from XR Cut the Ties oil spill protest at Arch

https://show.pics.io/xr-global-media-breaking-news/search?tagId=637b658faab7680013dab7de

Notes to Editors

Who’s insuring the East Africa Crude Oil Pipeline checklist

https://www.stopeacop.net/insurers-checklist

Who’s banking the East Africa Crude Oil Pipeline checklist

https://www.stopeacop.net/banks-checklist

EACOP human rights / climate damages report (French)

https://www.amisdelaterre.org/wp-content/uploads/2022/09/eacop-la-voie-du-desastre-amis-de-la-terre-survie-oct-2022.pdf

EACOP in likely breach of IFC Performance Standards on Displacement & Risk to Livelihoods

https://www.banktrack.org/download/crude_risk/cruderisk_eacop_briefing_nov2020_1.pdf

BREAKING: Extinction Rebellion takes action at the offices of fossil fuel enablers across London

https://extinctionrebellion.uk/2022/11/21/breaking-extinction-rebellion-takes-action-at-the-offices-of-fossil-fuel-enablers-across-london/

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

Unprecedented Mobilisation

Raising Awareness, Igniting Change

Sit-Ins at 5 Insurance Companies’ Offices

Lloyd’s of London Human Chain

Pub Charm-Offensive

Palestine Solidarity = Climate Justice

Actions across the country

A Wake-Up Call for the Industry

Our demands are:

Global Week of Action Roundup

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

Five More Insurance Companies Rule Out EACOP

Global Week of Action

Thanks to our movement, EACOP has not yet been built

EACOP: Global Day of Action against Chinese involvement in the pipeline

Protest in front of Sinosure offices London 20.11.23

Occupied! Protesters occupy the offices of City Of London insurers demanding they rule out backing for climate-wrecking projects

The IPCC AR6 Report

What do you do when "our world needs climate action on all fronts - everything, everywhere, all at once"…?

FIVE ACTIONS you can take TODAY based on the report's findings

"No New Coal"

"Partial pledges won't cut it"

"End all international public and private funding of coal"

"Cease all licensing or funding for new oil & gas"

"It will take a quantum leap in climate action"

EACOP: Lloyd’s Cincinnati rule out pipeline while Talbot stays silent in response to protests

Notes to Editors

About EACOP

EACOP Week of Action targets Lloyd’s Insurers Talbot & Cincinnati

Activists promise New Year Protests to insurance industry as Canopius rule out EACOP

ACTION: Tell Staff at Lloyd's of London Insurers to Rule Out EACOP

Signup form

PRESS RELEASE: Arch Insurance & AEGIS London respond to pressure & rule out EACOP

PRESS RELEASE: Arch Insurance & AEGIS London respond to pressure & rule out EACOP