Standard Bank Under Fire for Involvement in East African Crude Oil Pipeline

In a powerful display of solidarity, climate activists and Civil Society Organizations (CSOs) took to the streets to protest outside Standard Bank's offices in Rosebank, Johannesburg. The demonstration aimed to shed light on the bank's role in the controversial East African Crude Oil Pipeline (EACOP) and urge it to withdraw its support. With hundreds of activists united, the message was clear: accountability for the environmental and social consequences of the pipeline project is non-negotiable.

Standard Bank, through its subsidiary Stanbic Uganda, and the Industrial and Commercial Bank of China (ICBC) have acted as financial advisors to the EACOP project. However, the pipeline's potential impacts on frontline communities in Uganda, Tanzania, and Mozambique cannot be ignored. The protests sought to bring attention to the fact that Standard Bank's involvement perpetuates the suffering and displacement of vulnerable communities and exacerbates climate change.

The CSOs and StopEACOP coalition demand that Standard Bank divest from environmentally harmful projects like EACOP and Mozambique Liquified Natural Gas (LNG). Instead, they urge the bank to redirect its investments toward sustainable, clean energy solutions that prioritize providing energy access to communities. This shift is essential in fostering a just transition away from fossil fuels and promoting a greener future for Africa. Read the full press release here