Standard Chartered’s recent decision not to finance the $5 billion East African Crude Oil Pipeline (EACOP) project, led by TotalEnergies, is a significant victory for the impacted communities and climate activists worldwide.
The project has already resulted in violence, intimidation, and land use restrictions for project-affected people and frontline activists. The compensatory processes for the pipeline’s development have been unfair, and many communities have lost their land and other income-generating streams. The EACOP project poses potential environmental threats to local wildlife populations and sensitive ecosystems.
Standard Chartered’s decision, particularly as the current chair of the Equator Principles, sends a clear message that international standards must be upheld, and financial institutions cannot ignore the concerns of those affected by their investments.
The StopEACOP campaign is determined to push other firms considering involvement in this controversial project to follow Standard Chartered in pulling out of the project and increasing their investment in genuine climate solutions.
The shift to renewables requires massive support from banks, and their investments must be rightly channeled to avoid exacerbating the rapidly deteriorating climate change resulting from fossil fuels. Click here to read the full press statement.