Just Share again blasts Standard Bank’s flirtation with East African oil pipeline
Just Share, the shareholder activist group, has accused Standard Bank of isolating itself from its peers by continuing to flirt with financing carbon-intensive projects even as its main rivals spurn such deals amid growing climate change concerns.
Last week, French and Chinese oil giants Total and Cnooc signed the final investment decision to proceed with the East African Crude Oil Pipeline (EACOP) project, a planned $10bn deal on which Standard Bank shareholder Industrial and Commercial Bank of China (ICBC) is listed as an adviser. The controversial project aims to tap the oil reserves of poverty-stricken Uganda and transport the fuel more than 1,400km across the East African nation, as well as neighbouring Tanzania, where it will be exported from the port of Tanga...
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