On Tuesday 1st February, after years of delay, France’s Total and China’s CNOOC Ltd signed the Final Investment Decision (FID) to proceed with the East African Crude Oil Pipeline (EACOP) project. While heralded by the project proponents as a major breakthrough, the project is yet to secure all of the required financing. Now, four out of five of South Africa’s largest lenders … [Read more...]
Recent energy sector developments welcomed by local NPO
The Green Connection’s Liziwe McDaid welcomes two recent developments in the energy sector that are seen as a massive boost to pro-climate activists. On 26 May 2021, it was reported that a Dutch court had ordered Royal Dutch Shell to dramatically slash its CO2 emissions in a landmark climate ruling, which stipulates that the oil company must slash its emissions by 45% by 2030 … [Read more...]
Polluters are slowing down Africa’s progress
The world has no business investing in new fossil fuel developments in our race to the 1.5°C pathway. The International Energy Agency’s (IEA) newly released Net Zero by 2050 roadmap has closed the door on new fossil fuel extraction, and fossil fuel giants have lost their claim to fame of new oil and gas reserves being aligned with the Paris Agreement. It’s a small victory … [Read more...]
Extinction Rebellion condemns East African crude oil pipeline
Extinction Rebellion South Africa calls for all environmentally and socially conscious people to close their accounts with Standard Bank South Africa, and move them to a bank that treats the climate and ecological crisis with the urgency it deserves. Standard Bank, Africa’s biggest lender, and Sumitomo Mitsui Banking Corporation (SMBC) of Japan are reportedly about to … [Read more...]
Calling on banks to stop funding East African oil pipeline
Standard Bank, Africa’s biggest lender, and Sumitomo Mitsui Banking Corporation (SMBC) of Japan are reportedly about to finance a 1,443-kilometer crude oil pipeline through Uganda and Tanzania. If built, the East African Crude Oil Pipeline (EACOP) would be the longest heated crude oil pipeline in the world. Extinction Rebellion SA condemns the pipeline project and will take … [Read more...]
Standard Bank tables first SA shareholder resolution on climate risk
Standard Bank’s Notice of Annual General Meeting, released on 17 April 2019, includes a resolution proposed by shareholders that would require the bank to prepare a report on its exposure to climate risk in its lending, financing and investment activities. This is the first time that a South African company has tabled a shareholder resolution on any climate-related issue. … [Read more...]
