Dear Standard Bank, Stanbic and Sumitomo Mitsui Banking Corporation,
The East Africa Crude Oil Pipeline poses unacceptable risks to both the global climate and local people and nature. Oil exploration and development in the region has already been associated with human rights abuses and illegal resettlement, and the pipeline poses a high risk of further abuses. Relocation and loss of land from the pipeline threaten the employment and livelihoods of tens of thousands of people.
The pipeline will cross the Lake Victoria basin for a length of some 400 kilometres. This lake basin supports the direct livelihoods of more than 30 million people in the region, for whom an oil spill could prove disastrous.
The climate impacts from burning the oil that the pipeline would transport will surpass the potential financial gains the host countries are expecting to generate, at a time when the world is heading for a climate crisis. There is no room in the world’s carbon budget for this kind of massive new oil infrastructure. Further, the project presents unacceptable risks to local people, natural ecosystems and wildlife and threatens to open up Uganda’s Murchison Falls National Park to oil extraction.
Further, oil from the EACOP pipeline will not directly benefit local people but will be destined for export markets. Rather than bringing wealth, oil extraction in Africa has too often been associated with the ‘resource curse’ and extreme, intractable poverty - a fate which Uganda and Tanzania can still escape. We strongly urge Standard Bank, Stanbic and Sumitomo Mitsui Banking Corporation to publicly commit not to finance this project.