Home Climate Change Insurance firm Marsh McLennan targeted by activists around the world over EACOP

Insurance firm Marsh McLennan targeted by activists around the world over EACOP

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Thus far, 25 banks and 23 (re)insurers have ruled out support for the project. Photo: The Insurer
Thus far, 25 banks and 23 (re)insurers have ruled out support for the project. Photo: The Insurer

On Tuesday May 9, 2023, Stop EACOP campaigners will hold coordinated online and offline actions in London, Paris, New York, Brussels, Madrid, Tokyo and Kampala, targeting US insurance giant Marsh McLennan offices.

Ahead of the firm’s General Assembly, the actions are aimed at putting pressure on the world’s largest insurance broker and calling for its withdrawal from TotalEnergies’ East African Crude Oil Pipeline (EACOP) project, for failing to comply with Organization for Economic Cooperation and Development (OECD) guidelines on corporate social and environmental responsibility as stated in a complaint filed in February 2023.

The complaint was filed by Inclusive Development International(IDI) and 10 human rights and environmental organizations in Uganda and Tanzania. 

Watch the call to Action video

Context

TotalEnergies is seeking financing and insurance coverage for its controversial Uganda-Tanzania crude oil pipeline project. While in October 2022, the holders of the giant oil pipeline project led by TotalEnergies and the Chinese company CNOOC in East Africa were hoping to secure its financing in Q1 2023, a new deadline has since been announced: “by the end of the year”.

Thus far, 25 banks and 23 (re)insurers have ruled out support for the project, with the latest being Standard Chartered Plc which announced last week that it would 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. In response to public pressure, the London-based bank clarified to the StopEACOP campaign members who reached out for confirmation that it is not involved in the project’s financing.

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