European Banks Considering Funding EACOP RISK LEGAL ACTION AND REPUTATIONAL DAMAGE

The StopEACOP movement is not taking lightly reports in the local Ugandan media that some European banks are keen on financing the controversial East African Crude Oil Pipeline (EACOP) and warns of lawsuits and complaints that will damage their reputation.

It’s unfortunate that despite local opposition to this project because of its negative impact on the environment and wildlife from its associated Tilenga and Kingfisher oil fields, the displacement of people from their homes, and poor compensation, among many other issues, the Ugandan Energy minister is reported saying that there are European banks that want to fund it but that the names will remain anonymous for fear of backlash from our movement and others opposed to this destructive pipeline.

We no longer live in an age where banks operate merely for profits with no accountability or sense of how their work promotes sustainable development or destroys our biodiversity and the climate. Indeed, this is the reason 27 banks, including major European banks, publicly committed not to finance EACOP.

Read the full press release here.