A key backer has pulled out of the world’s longest heated oil pipeline ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ 

John, we have some great news to share with you.

Together, we got a major backer to drop the destructive East African Crude Oil Pipeline (EACOP)! Japanese mega-bank, Sumitomo Mitsui Banking Corporation (SMBC), was one of three key financial advisors for the project. For a long time, they refused to budge – but now they’ve said they won’t be involved.¹

This victory is a direct result of our work as a movement. It’s because of the struggle led by communities in Uganda and Tanzania in Africa, and because we, as an international movement, united in solidarity and amplified their call to #StopEACOP.

Our work doesn’t end here though. In the coming weeks, we have to keep putting pressure on EACOP’s other backers to drop the project and stop this pipeline for good. Will you chip in $3.50 now to power our work to end the era of fossil fuels?

CONTRIBUTE $3.50We had solid inside knowledge that SMBC was one of a small number of crucial financial advisors to the project and has given Total, the oil company behind EACOP, over US $ 1 billion in recent years.² Before now, SMBC had refused to comment on its involvement with EACOP. That all changed on Tuesday when they said they were "not currently involved.”³

So, why is it significant that SMBC dropped out?

It leaves Total having to deal with another PR headache – right before they hold a hugely important shareholder meeting next week.

This news from SMBC makes other investors think twice about joining in. And crucially, it could delay the project even further, and eventually stop it from happening. But most importantly, it shows that people power works.

Our brothers and sisters in Uganda and Tanzania have been fighting this pipeline for years. And more recently our global movement has joined them in solidarity. Over 40,000 people signed our petition! Plus, in February this year our movement took action against SMBC in cities across the globe.

But now is not the time to slow down. We have actions planned for Total’s big shareholder meeting next week, and even more campaigns on the horizon to keep fossil fuels where they belong: in the ground. Will you chip in $3.50 now to power our work?

CONTRIBUTE $3.50

We can’t thank you enough.

– Team 350

 

1 & 3 - Bloomberg
2 - Stop EACOP