{"id":5924,"date":"2025-05-15T10:52:18","date_gmt":"2025-05-15T10:52:18","guid":{"rendered":"https:\/\/japan.insure-our-future.com\/?p=5924"},"modified":"2025-05-15T10:52:18","modified_gmt":"2025-05-15T10:52:18","slug":"chubb-becomes-the-30th-insurer-to-step-away-from-the-east-african-crude-oil-pipeline-eacop-will-tokio-marine-follow","status":"publish","type":"post","link":"https:\/\/japan.insure-our-future.com\/en\/2025\/05\/15\/chubb-becomes-the-30th-insurer-to-step-away-from-the-east-african-crude-oil-pipeline-eacop-will-tokio-marine-follow\/","title":{"rendered":"Chubb becomes the 30th insurer to step away from the East African Crude Oil Pipeline (EACOP) \u2014 Will Tokio Marine follow?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Global insurance giant Chubb has updated its environmental policy to formally rule out providing insurance for the controversial East African Crude Oil Pipeline (EACOP). According to <\/span><a href=\"https:\/\/www.ran.org\/press-releases\/chubb-becomes-the-30th-major-insurer-to-reject-the-east-african-crude-oil-pipeline-eacop\/\"><span style=\"font-weight: 400;\">Rainforest Action Network (RAN)<\/span><\/a><span style=\"font-weight: 400;\">, this makes Chubb the 30th major insurer to refuse EACOP.<\/span><\/p>\n<h3><b>What is EACOP and Why is it Controversial?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">The East African Crude Oil Pipeline (EACOP) is a proposed 1,443-kilometer heated pipeline that would transport crude oil from oil fields near Lake Albert in Uganda to the port of Tanga in Tanzania. If built, it would be the world\u2019s longest heated crude oil pipeline.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The construction of EACOP poses grave risks to people, nature, and the climate. Global environmental and human rights organizations, including <\/span><a href=\"https:\/\/www.stopeacop.net\/\"><span style=\"font-weight: 400;\">the #StopEACOP campaign<\/span><\/a><span style=\"font-weight: 400;\"> has raised the alarm over its destructive impacts. Some of the key concerns include:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Annual emission of <\/span><b>over 34 million tons of CO\u2082<\/b>&nbsp;<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Displacing thousands of people<\/b><span style=\"font-weight: 400;\"> along the route<\/span>&nbsp;<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Threatening <\/span><b>endangered wildlife habitats and protected areas<\/b>&nbsp;<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Putting the <\/span><b>water supply and livelihoods<\/b><span style=\"font-weight: 400;\"> of millions around Lake Victoria at risk<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">For more information, visit<\/span><a href=\"https:\/\/350jp.org\/campaign-stop-eacop\/\"> <span style=\"font-weight: 400;\">350 Japan\u2019s campaign page<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h3><\/h3>\n<h3><span style=\"font-weight: 400;\">Tokio Marine\u2019s Involvement in EACOP<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">While many global insurers have walked away from EACOP, Tokio Marine, one of Japan\u2019s largest insurers, has yet to rule out its involvement. Civil society groups in Japan and internationally have been urging the company for years to commit to staying out of the project. However, Tokio Marine has not responded explicitly, saying that it \u201ccannot comment on an individual project.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In February 2024, thousands of people across 31 countries took part in <\/span><a href=\"https:\/\/global.insure-our-future.com\/global-week-of-action-2024\/\"><span style=\"font-weight: 400;\">the Global Week of Action<\/span><\/a><span style=\"font-weight: 400;\">, calling on insurance giants to cut ties with fossil fuel projects like EACOP. After this, Tokio Marine announced a new climate policy in April but failed to address its potential involvement in EACOP.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In May last year, we published a <\/span><a href=\"https:\/\/japan.insure-our-future.com\/en\/2024\/05\/23\/tokio-marine-has-yet-to-deny-involvement-in-eacop-first-hand-experience-from-ugandan-activist-hilda-flavia-nakabuye\/\"><span style=\"font-weight: 400;\">blog post from a local Ugandan activist\u2019s perspective<\/span><\/a><span style=\"font-weight: 400;\"> on EACOP, calling on Tokio Marine to deny its involvement in the project. However, after nearly a year, the company chose to remain silent despite the serious environmental and human rights concerns.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Read more: <\/span><a href=\"https:\/\/japan.insure-our-future.com\/en\/2024\/05\/23\/tokio-marine-has-yet-to-deny-involvement-in-eacop-first-hand-experience-from-ugandan-activist-hilda-flavia-nakabuye\/\"><span style=\"font-weight: 400;\">Tokio Marine has yet to deny involvement in EACOP: First-Hand Experience from Ugandan Activist, Hilda Flavia Nakabuye<\/span><\/a><span style=\"font-weight: 400;\"> (May 23, 2024)<\/span><\/p>\n<h3><\/h3>\n<h3><span style=\"font-weight: 400;\">A Global Shift Away from EACOP in the Insurance Industry<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Chubb\u2019s announcement comes on the heels of similar decisions by 29 peer insurance giants, including <\/span><a href=\"https:\/\/jacses.org\/2338\/\"><span style=\"font-weight: 400;\">Zurich, AXA, Allianz, and Munich Re<\/span><\/a><span style=\"font-weight: 400;\">\u2014all of which have rejected involvement in EACOP.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Beyond insurance, 43 financial institutions including Japan\u2019s \u201cthree giants\u201d \u2013MUFG, SMBC, and Mizuho\u2013 have also denied their financial support to EACOP, strengthening a growing global consensus against the project.<\/span><\/p>\n<h3><b>It\u2019s Time for Tokio Marine to Take Responsible Action as an Industry Leader<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Refusing to insure harmful fossil fuel projects like EACOP is a business decision for which a global leader like Tokio Marine is responsible. Tokio Marine\u2019s rejection of EACOP would have a significant impact on Japan\u2019s insurance sector.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The world is watching \u2013will Tokio Marine join the 30 peer insurers to make a significant move toward climate justice?<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Global insurance giant Chubb has updated its environmental policy to formally rule out providing insurance for the controversial East African Crude Oil Pipeline (EACOP). According to Rainforest Action Network (RAN), this makes Chubb the 30th major insurer to refuse EACOP. What is EACOP and Why is it Controversial? The East African Crude Oil Pipeline (EACOP) &hellip;<\/p>\n","protected":false},"author":5,"featured_media":5464,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[89],"post_country":[177,100,140],"post_company":[112,103],"post_project":[104],"class_list":["post-5924","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Chubb becomes the 30th insurer to step away from the East African Crude Oil Pipeline (EACOP) \u2014 Will Tokio Marine follow? - Insure Our Future Japan<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/japan.insure-our-future.com\/en\/2025\/05\/15\/chubb-becomes-the-30th-insurer-to-step-away-from-the-east-african-crude-oil-pipeline-eacop-will-tokio-marine-follow\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chubb becomes the 30th insurer to step away from the East African Crude Oil Pipeline (EACOP) \u2014 Will Tokio Marine follow? - Insure Our Future Japan\" \/>\n<meta property=\"og:description\" content=\"Global insurance giant Chubb has updated its environmental policy to formally rule out providing insurance for the controversial East African Crude Oil Pipeline (EACOP). 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According to Rainforest Action Network (RAN), this makes Chubb the 30th major insurer to refuse EACOP. What is EACOP and Why is it Controversial? 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