On the morning of November 9, environmental NGOs and citizen activists gathered to take urgent action after receiving information that an insurance provider for the EACOP project would soon be determined.
What is the EACOP project?
The East African Crude Oil Pipeline (EACOP) Project is a construction project in East Africa that will be the world’s longest heated crude oil pipeline, with a total length of 1,443 km, connecting Uganda and Tanzania. There are great concerns about this pipeline, including destruction of the natural environment and ecosystem, violation of the human rights of local residents, and exacerbation of climate change due to large amounts of CO2 emissions, and environmental NGOs and citizen activists around the world are strongly opposed. (#StopEACOP page (English)
1)Destruction of natural environment/ecosystem
- Lake Victoria Basin: Important water and food source for local people and creatures
- Murchison Falls National Park: home to rare wildlife such as elephants and chimpanzees
2)Violation of human rights of local residents
- Forced migration*, intimidation, land grabbing, etc.
(* Thousands of people have already been forcibly relocated in Uganda and Tanzania, and more than 100 villages have disappeared in each country)
3)Aggravate climate change
- If all transported crude oil were consumed, approximately 33 million tons of CO2 would be emitted annually.
Why Tokio Marine?
Tokio Marine is the largest non-life insurance company in Japan and ranks seventh in the world, and has provided insurance to fossil fuel projects around the world. The #StopEACOP campaign, which includes environmental NGOs, human rights groups, civil society groups, and others opposed to the EACOP project, has analyzed various data and is focusing on Tokio Marine as having a high possibility of becoming the insurance provider for the EACOP project. (#StopEACOP non-life insurance page (English)
Tokio Marine’s response
Until now, domestic and international environmental NGOs, human rights groups, and civil society groups have called on Tokio Marine to officially announce that it will not provide insurance for the EACOP project, but Tokio Marine has said that it is unable to respond to individual cases. I haven’t answered anything. However, Tokio Marine has previously said that it will not provide insurance for Adani’s Carmichael coal mining project in Australia, so it should announce that it will not provide insurance for this EACOP either.
Let’s stop the EACOP project! Voices of protest grow stronger around the world
In response to information that an insurance provider for the EACOP project may soon be decided, many activists gathered in Europe last month in front of insurance companies that had not yet announced that they would not provide insurance for the EACOP project. We staged a protest demanding that we not get involved. Tokio Marine Kiln, a subsidiary of Tokio Marine Group, was one of those insurance companies.
In response to this, emergency action was taken from Japan as well, and as a result, emergency action was also taken against Tokio Marine in London and Manchester!
— Insure Our Future Global (@InsOurFuture) November 13, 2023
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Although Tokio Marine is one of the largest companies in Japan and the world, compared to the three major non-life insurance companies in Japan, such as Sompo and MS&AD, it has the most initiatives in its fossil fuel insurance underwriting policy. I’m late. On the 21st of last week, MS&AD, which along with Tokio Marine withdrew from the United Nations initiative Net Zero Insurance Alliance (NZIA) in May, Although Tokio Marine has announced medium-term reduction targets, Tokio Marine has only disclosedengagement targets. , has not announced GHG reduction targets for its insurance portfolio. (Click here for JACSES PR)
Research by the world’s leading scientific group IPCC says that in order to keep the global average temperature below 1.5C, GHG emissions must be reduced by 2025 at the latest. It has reached its peak and needs to be reduced by 43% by 2030. The extent to which efforts can be made in the past few years will be important in order to prevent future climate change from intensifying.
Tokio Marine is done with all its new oil and gas projects, including the EACOP project. Therefore, they are required to promptly announce a policy of not providing insurance for such companies, and to proceed with efforts to reduce GHG emissions in their insurance portfolios. Insure Our Future will continue to closely monitor Tokio Marine’s activities.