The StopEACOP Campaign strongly condemns Standard Bank's decision to finance the East African Crude Oil Pipeline (EACOP) project. The $5 billion project, led by TotalEnergies, aims to transport crude oil from Uganda to Tanzania. Standard Bank's decision goes against the concerns raised by environmental and human rights groups, as well as the opposition from affected communities. The decision also contradicts the stance of other banks that have refused to support the project due to climate, environmental, and social concerns. Standard Bank's decision to finance EACOP disregards the local opposition and human rights abuses, including the recent arrests of pipeline critics in Uganda and Tanzania. The decision also ignores the potential hazards of the project, such as wildlife habitat destruction, displacement of communities, and increased greenhouse gas emissions. Standard Bank's decision is in contrast to industry trends, as leading banks and insurers have distanced themselves from the controversial initiative. The decision exposes Standard Bank to significant risks, including stranded assets, as the global economy transitions to clean energy solutions. The decision also raises doubts about Standard Bank's assessment of the business and reputational risks associated with the project. The financing delays faced by the EACOP project due to global outcry and the withdrawal of support from major financiers and insurers further threaten the project's construction. The StopEACOP Campaign calls for Standard Bank to review and rescind its decision to finance the project and urges other potential lenders, particularly Chinese state-owned banks, to refuse support for EACOP. The campaign seeks continued support from the global community to halt the project and prevent the extensive environmental, social, and economic damage it poses.
