Most of Europe’s largest 50 banks have rejected EACOP oil pipeline

Key Points: Last September, Uganda’s minister for hydrocarbons claimed that at least seven European banks have committed, in private, to finance TotalEnergies’ East African Crude Oil Pipeline project (EACOP) despite the extreme risk it poses to people and the environment. However, new engagement and policy analysis from BankTrack covering the 50 largest European banks shows […]

Civic Groups Sound Alarm Over Tanzania’s Crackdown on EACOP Dissenters

On March 11th, 2024, nine project-affected people (PAPs) from Golimba and Diloda villages in Hanang District, Tanzania, were split up and interrogated by police for several hours. This included being asked why they are resisting and/or are opposed to the EACOP project, who is supporting them, and whether they know and/or are working with specific […]

Mitsubishi UFJ Financial Group Joins Growing List of Banks Distancing Themselves from East African Crude Oil Pipeline

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In a significant development, Japan’s Mitsubishi UFJ Financial Group (MUFG) announced its non-involvement in financing the controversial East African Crude Oil Pipeline (EACOP). The decision comes in response to mounting pressure from climate activists and the StopEACOP coalition, highlighting concerns over the project’s impact on climate, nature, and human rights. MUFG’s withdrawal follows that of […]

SMBC Ends Involvement as EACOP Financial Advisor, Taking a Stance Against Controversial Project

The StopEACOP coalition celebrates Sumitomo Mitsui Financial Group’s (SMBC Group) recent declaration of non-involvement in the East African crude oil pipeline project (EACOP). SMBC’s decision comes on the heels of Standard Chartered Bank’s similar announcement, highlighting the growing concerns over climate change, the environmental impact associated with the project and the impact on frontline communities. This […]

Standard Chartered opts out of financing controversial $5bn Ugandan oil pipeline

Standard Chartered Plc has announced that it will not finance the East African Crude Oil Pipeline (EACOP) project. The decision, which follows mounting pressure from the StopEACOP campaign, is particularly significant as the bank had previously confirmed that it was undertaking due diligence on financing the $5 billion project.

Standard Chartered Takes a Stand: Refuses to Finance Controversial East African Crude Oil Pipeline

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 […]