NGOs urge banks not to finance East African Crude Oil Pipeline citing environmental & social concerns
"NGOs' pressure on banks threatens $3.5bn pipeline project financing"
The East African Crude Oil Pipeline (Eacop) project took a new twist...when 263 non-governmental organisations sought to persuade at least 25 banks listed as potential financiers of the $3.5 billion development not to participate, citing environmental and social risks. The NGOs in their letter to the lenders claimed the project would fuel climate change by transporting oil generating over 34 million tonnes of carbon emissions each year.
Under pressure to stop financing fossil fuels including coal projects, six banks that the pipeline’s lead investors – French oil major Total, China National Offshore Oil Corporation (CNOOC) and the governments of Uganda and Tanzania – target as lenders, have reportedly indicated that they would not take part.