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More Banks Bail on Financing East Africa Crude Oil Pipeline

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Oil pipeline for illustration purposes only. Image credit: Shutterstock

News Flash

  • More banks have distanced themselves from providing financial support to the East Africa Crude Oil Pipeline (EACOP) following three large French Banks pulling the plug on the fossil fuel project earlier in the year. 
  • HSBC, Mizuho, and the United Overseas Bank recently confirmed that they will steer clear of the widely criticized project.
  • A total of eleven banks have now indicated that EACOP is no longer bankable.
  • The project requires a 1445km, heated oil pipeline to be constructed through Uganda and Tanzania
  • French energy giant, Total, signed agreements for the Tilenga oil project in Uganda and the EACOP (East African Crude Oil Pipeline) project with Uganda and Tanzania in April. Read more
  • The deal is expected to transform Uganda into a major producer and exporter of crude oil.

Author: GBA News Desk

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Green Building Africa promotes the need for net carbon zero buildings and cities in Africa. We are fiercely independent and encourage outlying thinkers to contribute to the #netcarbonzero movement. Climate change is upon us and now is the time to react in a more diverse and broader approach to sustainability in the built environment. We challenge architects, property developers, urban planners, renewable energy professionals and green building specialists. We also challenge the funding houses and regulators and the role they play in facilitating investment into green projects. Lastly, we explore and investigate new technology and real-time data to speed up the journey in realising a net carbon zero environment for our children.

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