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AXA becomes the first insurer to say no to Total’s oil project in East Africa​

Jul 9 2021
In response to an NGO letter sent to the world’s biggest global insurers and brokers to ask them to steer clear from TotalEnergies’ highly destructive and controversial East Africa Crude Oil Pipeline project, AXA confirmed that it would not be involved and said that the “project is not compatible with [their] risk appetite and, more broadly, with [their] climate commitments.” Seven banks have already committed not to finance the deal. NGOs welcome AXA’s position and call on other insurers to follow.
AXA’s commitment comes after NGO members of the #StopEACOP Alliance sent letters to five brokers and six re/insurers asking them to publicly commit to steer clear of the oil pipeline project (1). Several weeks ago, TOTAL East Africa Midstream B.V., a subsidiary of French oil giant TotalEnergies, published a tender for re/insurance brokerage services for the East African Crude Oil Pipeline (EACOP).
Lucie Pinson, Founder and Director at Reclaim Finance, said: “We warmly welcome this decision, which comes as a fresh blow for TotalEnergies and its polluting oil pipeline project. If the oil and gas major needed new evidence that the EACOP project is toxic, this is it: none of the top French financial institutions want to put a stamp on it. It’s also particularly encouraging that AXA says the project is not aligned with their climate commitment. We hope that EACOP is only the first of a long list of new oil and gas projects that AXA says no to. That would mean they take their net zero pledge seriously and are committed to go beyond climate rhetoric to truly align their oil and gas policy with the Paris climate agreement.”
The top three French banks BNP Paribas, Crédit Agricole and Société Générale, along with Barclays, Credit Suisse, UniCredit and ANZ have now committed not to finance the EACOP project (2). The construction of the pipeline, which would stretch 1,445 kilometres from Uganda to Tanzania, is essential for the exploitation of newly discovered oil reserves in the Great Lakes region. In addition to accelerating the climate crisis, the project threatens many protected environments, forests, wetlands and mangroves, as well as the livelihoods of local communities. Over 100,000 people across Uganda and Tanzania will lose the land they rely on for farming and animal raising, and many will be forcibly removed from their homes. Communities along the pipeline route are already suffering from restricted access to their land to grow crops. (3)
Prince Papa, Africa programmes Coordinator at the Global Catholic Climate Movement said: “This welcome signal from the giant insurer means that TotalEnergies could have difficulties insuring this extremely risky and damaging project. No responsible insurer should support the building of a massive crude oil pipeline in the midst of a climate crisis, particularly one with impacts of this magnitude on nature and human rights. It’s high time for insurers that are committed to climate action to take these concerns seriously and withdraw their support.”
AXA is the chair of the net zero insurance alliance which brings together insurers committed to achieve carbon neutrality by 2050. The recent International Energy Agency net zero scenario (4), as well as recent statements made by António Guterres, Secretary General of the United Nations at the Insurance Development Forum Summit (5), make clear the urgent need for the global insurance industry to end underwriting of new fossil fuel projects. EACOP is irreconcilable with the net zero target, and with the goals of the Paris Agreement.
David Pred, Executive Director of Inclusive Development International, said: “We applaud AXA for demonstrating climate leadership. At the same time we appeal to Allianz, SCOR, Munich Re, Swiss Re, and Zurich to follow AXA’s lead and do the right thing. As members of the Net-Zero Insurance Alliance and purported climate leaders, these companies have no excuse for staying silent. It is time for each of them to publicly commit that they will not support EACOP or its associated oil extraction projects, and instead support the transition to an inclusive, sustainable and decarbonized economy.”

Media contacts
Lucie Pinson, Reclaim Finance, lucie@reclaimfinance.org, +33 (0)6 79543715
David Pred, Inclusive Development International, david@inclusivedevelopment.net, +1 (917) 280270
Prince Papa, Global Catholic Climate Movement, prince@catholicclimatemovement.global, +254 736 740702

Notes
  1. The public call for commitments can be found here.
  2. Find out more on the Stop EACOP campaign website.
  3. The pipeline presents unacceptable risks to climate, biodiversity and the human rights of local communities in Uganda and Tanzania. These issues have been extensively documented by Oxfam and Ugandan partners in an exhaustive community-based.....
 
Mwendo Safi said:
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#StopEACOP
Open Menu





AXA becomes the first insurer to say no to Total’s oil project in East Africa​

Jul 9 2021
In response to an NGO letter sent to the world’s biggest global insurers and brokers to ask them to steer clear from TotalEnergies’ highly destructive and controversial East Africa Crude Oil Pipeline project, AXA confirmed that it would not be involved and said that the “project is not compatible with [their] risk appetite and, more broadly, with [their] climate commitments.” Seven banks have already committed not to finance the deal. NGOs welcome AXA’s position and call on other insurers to follow.
AXA’s commitment comes after NGO members of the #StopEACOP Alliance sent letters to five brokers and six re/insurers asking them to publicly commit to steer clear of the oil pipeline project (1). Several weeks ago, TOTAL East Africa Midstream B.V., a subsidiary of French oil giant TotalEnergies, published a tender for re/insurance brokerage services for the East African Crude Oil Pipeline (EACOP).
Lucie Pinson, Founder and Director at Reclaim Finance, said: “We warmly welcome this decision, which comes as a fresh blow for TotalEnergies and its polluting oil pipeline project. If the oil and gas major needed new evidence that the EACOP project is toxic, this is it: none of the top French financial institutions want to put a stamp on it. It’s also particularly encouraging that AXA says the project is not aligned with their climate commitment. We hope that EACOP is only the first of a long list of new oil and gas projects that AXA says no to. That would mean they take their net zero pledge seriously and are committed to go beyond climate rhetoric to truly align their oil and gas policy with the Paris climate agreement.”
The top three French banks BNP Paribas, Crédit Agricole and Société Générale, along with Barclays, Credit Suisse, UniCredit and ANZ have now committed not to finance the EACOP project (2). The construction of the pipeline, which would stretch 1,445 kilometres from Uganda to Tanzania, is essential for the exploitation of newly discovered oil reserves in the Great Lakes region. In addition to accelerating the climate crisis, the project threatens many protected environments, forests, wetlands and mangroves, as well as the livelihoods of local communities. Over 100,000 people across Uganda and Tanzania will lose the land they rely on for farming and animal raising, and many will be forcibly removed from their homes. Communities along the pipeline route are already suffering from restricted access to their land to grow crops. (3)
Prince Papa, Africa programmes Coordinator at the Global Catholic Climate Movement said: “This welcome signal from the giant insurer means that TotalEnergies could have difficulties insuring this extremely risky and damaging project. No responsible insurer should support the building of a massive crude oil pipeline in the midst of a climate crisis, particularly one with impacts of this magnitude on nature and human rights. It’s high time for insurers that are committed to climate action to take these concerns seriously and withdraw their support.”
AXA is the chair of the net zero insurance alliance which brings together insurers committed to achieve carbon neutrality by 2050. The recent International Energy Agency net zero scenario (4), as well as recent statements made by António Guterres, Secretary General of the United Nations at the Insurance Development Forum Summit (5), make clear the urgent need for the global insurance industry to end underwriting of new fossil fuel projects. EACOP is irreconcilable with the net zero target, and with the goals of the Paris Agreement.
David Pred, Executive Director of Inclusive Development International, said: “We applaud AXA for demonstrating climate leadership. At the same time we appeal to Allianz, SCOR, Munich Re, Swiss Re, and Zurich to follow AXA’s lead and do the right thing. As members of the Net-Zero Insurance Alliance and purported climate leaders, these companies have no excuse for staying silent. It is time for each of them to publicly commit that they will not support EACOP or its associated oil extraction projects, and instead support the transition to an inclusive, sustainable and decarbonized economy.”

Media contacts
Lucie Pinson, Reclaim Finance, lucie@reclaimfinance.org, +33 (0)6 79543715
David Pred, Inclusive Development International, david@inclusivedevelopment.net, +1 (917) 280270
Prince Papa, Global Catholic Climate Movement, prince@catholicclimatemovement.global, +254 736 740702

Notes
  1. The public call for commitments can be found here.
  2. Find out more on the Stop EACOP campaign website.
  3. The pipeline presents unacceptable risks to climate, biodiversity and the human rights of local communities in Uganda and Tanzania. These issues have been extensively documented by Oxfam and Ugandan partners in an exhaustive community-based.....
Click to expand...

In any big projects like this, resistance is inevitable. The claims against the project are baseless, as have full of lies and not scientifically backed up. One of bare lies are like, the pipeline passes the mighty Serengeti National Park.
 
land acquired
Screenshot_2021-07-15-16-06-50.jpg
 
Mbona washindi wa tender ya EACOP hawajatangazwa bado? Mbona Total wanajikokota hivyo? By now nilikuwa nategemea wawe wametangaza washindi wa tender hizo. Ama wameanza kupata second thoughts? Kiwewe kimeanza kuwaingia?
 
Tony254 said:
Mbona washindi wa tender ya EACOP hawajatangazwa bado? Mbona Total wanajikokota hivyo? By now nilikuwa nategemea wawe wametangaza washindi wa tender hizo. Ama wameanza kupata second thoughts? Kiwewe kimeanza kuwaingia?
Click to expand...

Huwa wachawi wakikaa bila shughuli yoyote, huanza kuwawazia mabaya wengine. Wewe umejuaje kama nimechelewa?
 
Mwendo Safi said:
I thought all the land in Tanzania belongs to government, what is this compensation all about?
Click to expand...

It's true that the land belongs to the state according to the laws. Individuals are granted the interest/right to use the land. Now this is what the occupiers are compensated.
 
eliakeem said:
Huwa wachawi wakikaa bila shughuli yoyote, huanza kuwawazia mabaya wengine. Wewe umejuaje kama nimechelewa?
Click to expand...
Wewe pia ulikuwa mmoja wetu uliyesema kwamba unategemea tender zitangazwe mwezi huu. In fact french alisema kwamba tender ya EACOP ingetangazwa mwezi uliopita nikamwambia atulize boli asiwe na papara sana. Mradi huu wa EACOP unakwenda kwa mwendo wa kinyonga sana.
 
Tony254 said:
Wewe pia ulikuwa mmoja wetu uliyesema kwamba unategemea tender zitangazwe mwezi huu. In fact french alisema kwamba tender ya EACOP ingetangazwa mwezi uliopita nikamwambia atulize boli asiwe na papara sana. Mradi huu wa EACOP unakwenda kwa mwendo wa kinyonga sana.
Click to expand...

Unavyosema mwendo wa kinyonga, umeuona mpangokazi wa EACOP?
 
Tony254 said:
Mbona washindi wa tender ya EACOP hawajatangazwa bado? Mbona Total wanajikokota hivyo? By now nilikuwa nategemea wawe wametangaza washindi wa tender hizo. Ama wameanza kupata second thoughts? Kiwewe kimeanza kuwaingia?
Click to expand...
mbona tender nyingi sana zimetangazwa. wewe hufuatilii, nenda kwenye website ya EACOP uangalie hizo tender. zipo nyingi sana
 
Tony254 said:
Wewe pia ulikuwa mmoja wetu uliyesema kwamba unategemea tender zitangazwe mwezi huu. In fact french alisema kwamba tender ya EACOP ingetangazwa mwezi uliopita nikamwambia atulize boli asiwe na papara sana. Mradi huu wa EACOP unakwenda kwa mwendo wa kinyonga sana.
Click to expand...
wewe jamaa huekewi kabisa.
 
french said:
mbona tender nyingi sana zimetangazwa. wewe hufuatilii, nenda kwenye website ya EACOP uangalie hizo tender. zipo nyingi sana
Click to expand...
Nimeenda kwa hio website na sijaona tender yoyote ya ujenzi wenyewe wa pipeline. Tender unazozungumzia wewe sio za ujenzi wa pipeline hio. Mbona unajifanya kwamba huelewi vitu rahisi? Najua wewe unazungumzia tender zile za provision of insurance na kadhalika. Hizo sio tender za ujenzi. Tender za kuresettle watu ni upuuzi tu maana huo sio ujenzi wenyewe. Huo ni kama site clearance and site preparation work tu. Mimi nataka uweke hapa tender inayosema kwamba kuna expression of interest for the provision of pipeline construction services au tender inayosema expression of interest for construction of oil tank farm at Tanga port. Natumai sasa umeelewa tunachozungumzia hapa.
 
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