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.
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).
Insurance providers Argo Group and Axis Capital, both Lloyd’s of London members, and RSA Insurance Group Limited, a leading UK insurer, have announced they will not be involved in underwriting the East African Crude Oil Pipeline (EACOP) project.
Last Thursday, 18th May, Coal Action Network protested outside of Lloyd’s of London, for their role in insuring the expansion of the Trans Mountain Pipeline (TMX) and the East Africa Crude Oil Pipeline (EACOP).