Munich Re rules out EACOP

Written by Adam Cadle

06/04/2022

Munich Re has rejected the East African Crude Oil Pipeline (EACOP), joining Hannover Re, SCOR, Swiss Re, Axa, and Zurich in publicly committing that they will not underwrite the pipeline.

In a statement published on its website, Munich Re wrote: "... we have not insured the East African Crude Oil Pipeline project in our direct, facultative and primary business and already informed our underwriting community correspondingly about a year ago."

Munich is the sixth leading global insurer to publicly refuse support for EACOP, responding to public calls from the #StopEACOP Campaign, a global alliance of environmental and human rights organizations advocating against the project.

Regine Richter, energy and finance campaigner at Urgewald, said: “We welcome Munich Re’s statement that it will not insure EACOP. Now, they need to take the next step and do what is really required for humanity and the planet: commit to a world-leading policy which excludes all new oil and gas projects in line with a 1.5C limit, now.”

Related Articles