SMBC Ends Involvement as EACOP Financial Advisor, Taking a Stance Against Controversial Project

The StopEACOP coalition celebrates Sumitomo Mitsui Financial Group's (SMBC Group) recent declaration of non-involvement in the East African crude oil pipeline project (EACOP). SMBC's decision comes on the heels of Standard Chartered Bank's similar announcement, highlighting the growing concerns over climate change, the environmental impact associated with the project and the impact on frontline communities.

This announcement is huge because SMBC also served as a financial advisor on EACOP. The coalition urges the remaining financial advisors, Standard Bank and ICBC, to emulate SMBC and disassociate themselves from the controversial pipeline. The StopEACOP coalition emphasizes the need for financial institutions to align their investments with sustainable and responsible solutions while advocating for transparency and a shift towards renewable energy alternatives. Read our press release here.