Deutsche Bank not financing controversial African oil pipeline, source says

FRANKFURT, Could 15 (Reuters) – Deutsche Financial institution (DBKGn.DE) isn’t financing a pipeline in Africa that environmental campaigners have mentioned will displace hundreds of households and disrupt nature reserves, an individual with data of the matter mentioned on Sunday.

Germany’s largest lender has come underneath strain 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 thus far not commented on the undertaking regardless of the strain growing forward of the financial institution’s annual common assembly on Thursday. The environmental activist group 350.org is organising a collection of protests within the coming days.

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elevating the strain on Deutsche Financial institution, as one of many solely main banks in Europe that has not but withdrawn their help for EACOP,” 350.org has mentioned forward of the deliberate protests.

The French vitality large Complete (TTEF.PA), which is creating the pipeline with China Nationwide Offshore Oil Company, has mentioned it was taking steps to mitigate the environmental and human influence of the undertaking. learn extra

In recent times, Deutsche Financial institution has marketed itself as a financial institution that corporations can flip to as they transition to a greener future.

“We’ve got positioned sustainability on the core of our technique,” Chief Government Officer Christian Stitching mentioned final 12 months.

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

Deutsche Financial institution mentioned 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 says on its web site that the pipeline places in danger water for thousands and thousands of individuals, and can minimize via land vital for elephants, lions and chimpanzees.

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

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