Climate warning
Image of Sumitomo Mitsui Banking

Sumitomo Mitsui Banking

Climate warning

The East African Crude Oil Pipiline (EACOP) is 1,443 kilometres crude oil pipeline that will pass through Uganda and Tan

The East African Crude Oil Pipiline (EACOP) is 1,443 kilometres crude oil pipeline that will pass through Uganda and Tanzania. If built, it will cost a staggering USD 5 billion and will be longest heated crude oil pipeline in the world. The impacts will be catastrophic. EACOP is expected to cause large scale displacement and pose grave risk to protected environments water sources and wetlands in both countries, especially the indigenous communities living along the Great National parks and Reserves. Nearly a third of the proposed pipeline will be built across the seismically active Riftvalley and the basin of Lake Victoria, thus will trigger the lives of many.The basin is Africa's largest body, endangering the water supply of more than 40 million people. Pipeline construction will impact some 2,000 square kilometres of protected wildlife habitats. Just one spill could have devastating consequences . Remember the Kalamozo river disaster in 2010, the most expensive spill in US history. A tar sands pipe owned by and operated by Enbridge raptured in Michigan spilling upwards of 840,000 gallons of crude oil in the Kalamozo river. The length of that pipeline? 474 kilometres with Eacop being nearly thrice the length, the risk of fracture, undoubtedly increases along with it. And no, this is not a "one off" freak accident. In 2017, Reuters reported that TransCanada corps existing key stone pipeline had "leaked substantially more than indicated in the risk assessment the company provided for regulators before the project began operating 2010. Plus the emissions from burning oil transported through the pipeline alone are existimated at 33 million tonnes of Co2per year. Not good, especially when the world's scientists are telling us that new fossil fuels developments need to stop if we are to tackle climate change. SMBC is the second largest banking institution in Japan, engaged in consumer finance, securities and leasing services. According to banking on climate chaos 2022, it has provided USD&109. 27 billion in fossil fuels project funding between 2016 - 2021. In May 2022, SMBC talked a big talk about phased climate targets between 2030 and 2050 settings net-zero commitments in their reports.The acting financial advisor to Total Energies and joint lead arranger for the project loan. By raising $2.5 billion loan for the project, SMBC is set on ignoring these impacts, risks and their own net-zero commitments. Does this sounds like a bank that cares about climate goals to you? Don't be fooled... Like and agree to tell massive Japanese banks to stop financing fossil fuels. #defundclimatechaos #StopEacop #schoolstrike4climate #weareindigenous #FridaysForFuture #PeopleNotProfit #StandWithMaasai #FFFKJD

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  • Patrick Kiash

    91 w

    Let's continue our voices as warning to them that we should stop eacop and many fuel companies with such similar projects all over the world.

    • Sarah Chabane

      91 w

      This project should be stopped if countries were serious about protecting the planet

      • Marine Stephan

        91 w

        A well-deserved climate warning! This has to stop

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