A key East African company will not insure the TotalEnergies-led East African Crude Oil Pipeline (EACOP) because it does not meet global environmental standards, claims an anti-fossil fuel campaign group — a view disputed by the French supermajor.
The decision by Nairobi-based Britam Holdings to not insure EACOP will be a fillip to anti-fossil fuel campaigners who want insurers and banks not to support the project for climatic, environmental and social reasons.
Inclusive Development International (IDI), a US-based non-profit, said Britam’s decision emerged in official correspondence from the Compliance Advisor Ombudsman, the independent accountability office of the World Bank’s International Finance Corporation (IFC).
