Top Dutch Asset Manager drops Total over East African pipeline project
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Dutch asset management company, ACTIAM, confirmed this week in an interview with The Guardian that it pulled all investments from TotalEnergies and placed the company on an exclusion list over concerns about its controversial East African Crude Oil Pipeline (EACOP) project. ACTIAM is among the top ten Dutch asset managers and had nearly $4 million […]
Allianz becomes 7th insurer to reject the East African Crude Oil Pipeline
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Watchdog Slams World Bank Group for Helping Bankroll Philippines Coal Boom
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MANILA, Philippines – The World Bank Group’s private lending arm, the International Finance Corporation (IFC), violated its own environmental and social protection policies as it helped bankroll a disastrous coal boom in the Philippines, according to an independent investigation made public today. In its report, the IFC’s internal watchdog, the Compliance Advisor Ombudsman (CAO), calls […]
The World’s Largest Insurer, Munich Re, Rejects EACOP
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Hannover Re becomes 5th re/insurer to opt out of East African Crude Oil Pipeline
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Hannover Re is the latest insurer to reject EACOP, joining Swiss Re, Axa, Zurich and SCOR in publicly committing that they will not underwrite the pipeline. Last week, after SCOR committed not to insure EACOP, Hannover Re quickly followed suit, stating, “we refrain from providing reinsurance coverage for EACOP due to noncompliance with our ESG […]
Global Insurance Firms Steer Clear of Total Energies’ Embattled East African Crude Oil Pipeline Project
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As major insurers say no to providing coverage for the highly controversial East African Oil Pipeline (EACOP), the pressure is mounting on Munich Re, Lloyd’s of London and others that have yet to comment on their potential involvement. French multinational (re)insurance company SCOR is the latest global insurer to commit not to provide coverage for […]
Bowing to public pressure, Rizal becomes first bank in Philippines to exit coal
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Rizal Commercial Banking Corporation (RCBC) made the announcement after years of pressure from climate activists in the Philippines and an investigation of the bank’s practices by one of its most prominent shareholders, the World Bank Group’s International Finance Corporation. “[N]o more coal. I’ll say that slowly: no more coal,” said the bank’s president and CEO, Eugene Acevedo, at […]
Saying no to coal: IFC’s new Green Equity Approach unveiled
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The World Bank’s private lending arm has unveiled its new approach to greening equity investments in financial institutions. The International Finance Corporation (IFC) says it will end equity investments in financial institutions that do not have a plan to phase out investments in coal-related activities. The “30 by 30 Zero Program” aims to help the banking […]
Civil Society Organizations to the African Development Bank: Don’t fund EACOP
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(March 23, 2020) – More than 100 civil society organizations have written to the President of the African Development Bank warning the bank against financing the East African Crude Oil Pipeline, which they call “an exceptionally high-risk project.”
East African oil pipeline would cause more emissions than Denmark | China Dialogue
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Chinese lenders should pull out of the risky Uganda–Tanzania oil project and invest in renewables instead, argues Erik Myxter-lino. Since 2017, China National Offshore Oil Corporation (CNOOC) has been working with oil majors Total and Tullow to exploit untouched oil in western Uganda. Yet the project is stuck in limbo. The stoppage is a chance […]