Climate campaigners demand insurance firms refuse to back the East African Crude Oil Pipeline
Campaigners from the #StopEACOP campaign took their fight to the London Market Conference this week. The conference, hosted by Insurance Insider, saw insurance companies from the UK and across the world gather to “address some of the most prominent challenges and opportunities facing the industry via thought-provoking debates and discussions”.
The #StopEACOP campaign staged a protest outside the event to demand that six insurance firms refuse to insure the East African Crude Oil Pipeline (EACOP). The firms targeted by the group were Arch Insurance, Brit Insurance, Aegis London, Chaucer Group and Tokio Marine Kiln.
EACOP is a proposed new pipeline which would span 900 miles across Uganda and Tanzania. If built, it would be the largest heated oil pipeline in the world.
Campaigners have criticised the project for its role in the acceleration of climate change, and for its impact on local ecosystems and people who live in the area. Nearly a third of the pipeline will run through the basin of Africa’s largest lake – Lake Victoria – which more than 40 million people depend on for water and food production.
So far, 18 insurance companies have refused to insure the pipeline, including Germany’s third largest insurance firm Talanx.
As part of their protest, campaigners dressed in red overalls and war masks reading ‘Stop EACOP’. They also held banners in front of the events and distributed leaflets to representatives of attending insurance firms.
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