May 24, 2022
JUNE 1: Resisting Corporate Colonialism, Why We Must Stop EACOP Now
Online rally will launch a new case study unraveling financial web behind the East African Crude Oil Pipeline (EACOP)
On Wednesday June 1, Stand.earth, the Climate Safe Pensions Network, and the StopEACOP coalition will release a brand-new case study: Resisting Corporate Colonialism, Why we must stop EACOP Now. Through an online rally event, global leaders will unpack the monetary ties between the primary backers of this toxic and unnecessary project, including French fossil fuel company TotalEnergies, and financial institutions across the world, including U.S. banks, asset managers, major North American pension funds, and the Royal Bank of Canada.
In the last few weeks alone, Deutsche Bank, insurance companies, and a handful of North American banks announced they would not directly fund EACOP. Yet this case study will unravel the toxic financial ties behind this pipeline.
WHAT: Online rally and report launch: Resisting Corporate Colonialism, Why We Must Stop EACOP Now
WHERE & WHEN: Wednesday, June 1, 2022 at 5pm EAT / 7am PST / 8am MST / 10am EST on Zoom.
WHO: Speakers include:
- Amy Gray – Stand.earth (MC)
- Omar Elmawi – Stop EACOP and 350.org
- Ryan Brightwell – BankTrack
- Guillaume Portier – Reclaim Finance
- Henri Her – Reclaim Finance
- Cindy Coltman – Both Ends
- Baraka Lenga – GreenFaith International & FFF Tanzania
- Kayinga Muddu Yisito – Community Transformation Foundation Network (COTFONE), Uganda.
- More speakers to be announced!
As devastating climate impacts unfold around the world, and Eastern Africa faces environmental degradation, widespread community displacement, and climate injustice, North American investors are watching their holdings rise. This is corporate colonialism in action. Between 2016 and 2019, the world’s G20 countries provided $47 billion in public financing for fossil fuels in Africa – 3.7 times the amount invested in renewable energy sources.
To limit global warming to 1.5 degrees Celsius and curb the worst impacts of climate chaos we can’t develop any new oil and gas projects — in Africa, or anywhere. Now we’re calling on North American pension funds and Royal Bank of Canada to divest from TotalEnergies and CNOOC, and their partners and subsidiaries. Instead of bankrolling billions in destructive fossil fuel projects like EACOP, our financial institutions must support a swift, just transition to clean energy projects and infrastructure. The time is now. And the stakes have never been higher.