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 including the Lake Victoria basin, a vital water supply supporting 40 million people, and threatens to destroy habitats for already-vulnerable species, including the Eastern Chimpanzee and the African Elephant. Its ongoing construction has already displaced thousands of people in villages in Uganda, with 100,000 people expected to be displaced in total. It’s not surprising that banks and investors have already been warned about the climate and human rights risks of the pipeline.
Building a new crude oil pipeline as the whole world is trying to urgently shift away from fossil fuels makes no sense – environmentally or economically. The people of countries in East and Central Africa shouldn’t be burdened with the money-losing and polluting industries of yesterday. French oil giant Total and the China National Offshore Oil Corporation own a combined 70% of the pipeline, meaning the vast majority of any profits made will end up overseas. It’s not only being financed abroad – we know EACOP is seeking insurance on the London market.
Frontline communities in Uganda, Tanzania, and neighbouring countries are standing up against EACOP. Their continuous opposition to the pipeline and its associated projects has lead directly to banks and insurers ruling out the project. But those who are demanding an end to this project face massive risks for their bravery – including intimidation, arrest, and police brutality.
More and more people worldwide are standing in solidarity with those most affected by EACOP. As global momentum continues to build, demanding an end to this climate-destroying project, we’re already seeing results. 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. But we need all insurance companies to rule out EACOP, and stop the toxic pipeline at its source.
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.
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 March, leading climate scientists delivered a “final warning” on climate change: act now. We’ve got five actions you can take with us to keep the pressure on the governments, financiers, insurers, and fossil fuel companies that are pushing us deeper into climate crisis.
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.
Activists from the StopEACOP Coalition held an ‘oil spill’ demonstration outside the offices of Lloyd’s of London insurers, Talbot & Cincinnati Global Underwriting, to demand they rule out the controversial East Africa Crude Oil Pipeline.
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.
We need all insurance companies to rule out EACOP, and stop the toxic pipeline at its source. Next, we want Canopius Group, and Chaucer insurance to rule it out, and we know that constant pressure works.
Arch Capital Group Ltd and AEGIS London join the 19 (re)insurance companies ruling out the controversial East Africa Crude Oil Pipeline (EACOP) project.
Four fewer banks and five fewer insurers on side with EACOP, and pressure is mounting on the remaining insurers and on Lloyds of London.
Talanx, Germany’s third largest insurer, is the latest (re)insurance company to confirm to the #StopEACOP Coalition that they will not underwrite the East African Crude Oil Pipeline (EACOP).