Category: Diversity & Equality

BNP Paribas, Société Générale and Crédit Agricole have announced they will not be financing the East African Crude Oil Pipeline. The 1,445km pipeline is intended to run through Uganda and Tanzania, and will cost over $3.5bn. Barclays, Credit Suisse and ANZ have previously ruled out financing the project, developed by Total, as have the UK’s Export Credit Agency and the African Development Bank. Campaigners say that the oil transported by the pipeline will generate 34m tonnes of CO2 a year, and pose a threat to water supplies and biodiversity across four east African countries.

Nedbank has committed to reaching zero fossil fuel exposure by 2045. In its new energy policy, the South African bank excludes financing for new oil and gas exploration projects and thermal coal mines outside of South Africa. By 2025 it will exclude thermal coal within South Africa and by 2030 financing for any new gas-fired power stations. 

KPMG and the University …