✌🏿Victory!✌🏼 Leading Global Insurers Rule Out East African Crude Oil Pipeline
✌🏿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.
well done. Do you have any communications channels with the Chinese companies involved?