Another major reinsurer has refused to underwrite the East African Crude Oil Pipeline. Allianz informed activists working to stop the proposed 900-mile pipeline Monday it “is not providing direct insurance to the East African Crude Oil Pipeline project, as it neither meets our climate ambition nor falls within our ESG risk profile.” The proposed 900-mile heated crude oil pipeline from Hoima, Uganda, to the Port of Tanga in Tanzania would cut through agricultural land and threaten wetlands in the Lake Victoria Basin. The project is a partnership of Total and the China National Offshore Oil Corporation.
“It is now official, 7 out of the 15 (re)insurers we have approached have concluded that EACOP is a huge risk for them to underwrite. What are Lloyd’s of London and the others waiting for?” Omar Elmawi, Coordinator of the #StopEACOP campaign, said in a statement. “Insurers must not be accomplices to climate-wrecking fossil fuel projects like EACOP which is mired in human rights violations, unprecedented climate consequences and social and environmental harms.” (Reinsurance News, Global Construction Review, The Insurer $)