Deutsche Bank not financing controversial African oil pipeline, source says

By Tom Sims

FRANKFURT (Reuters) – Deutsche Financial institution shouldn’t be financing a pipeline in Africa that environmental campaigners have stated will displace hundreds of households and disrupt nature reserves, an individual with information of the matter stated on Sunday.

Germany’s largest lender has come below stress to make clear its stance on the financing of the deliberate $3.5 billion East African Crude Oil Pipeline (EACOP), which might stretch greater than 1,400 kilometres from Uganda to Tanzania.

Deutsche has up to now not commented on the venture regardless of the stress growing forward of the financial institution’s annual basic assembly on Thursday. The environmental activist group 350.org is organising a sequence of protests within the coming days.

“Many main banks and insurers have already pulled out of this devastating venture. We’re elevating the stress on Deutsche Financial institution, as one of many solely main banks in Europe that has not but withdrawn their assist for EACOP,” 350.org has stated forward of the deliberate protests.

The French power large Whole, which is creating the pipeline with China Nationwide Offshore Oil Company, has stated it was taking steps to mitigate the environmental and human affect of the venture.

Lately, Deutsche Financial institution has marketed itself as a financial institution that firms can flip to as they transition to a greener future.

“We now have positioned sustainability on the core of our technique,” Chief Govt Officer Christian Stitching stated final yr.

Deutsche Financial institution has by no means been concerned within the financing of the pipeline, stated the individual, talking on situation of anonymity.

Deutsche Financial institution stated in a press release that it would not touch upon purchasers, however that it “helps the transition to a low-carbon financial system” and its insurance policies prohibit it from knowingly financing initiatives that clear main forests, areas of excessive conservation worth and peatlands.

The marketing campaign referred to as #STOPEACOP https://www.stopeacop.web/house says on its web site that the pipeline places in danger water for tens of millions of individuals, and can lower via land crucial for elephants, lions and chimpanzees.

(Reporting by Tom Sims; Enhancing by Riham Alkousaa, Maria Sheahan and David Evans)