John -
We have an important update on the fight for Marsh, one of the world’s biggest insurance brokers, to drop the East African Crude Oil Pipeline (EACOP).
Earlier this week, a new report showed exactly how bad EACOP would be for East Africa and the world – from numerous human rights abuses like intimidating and harassing protesters in Uganda, to oil spills.1
John, EACOP is a project with a lot of risks — and as a result, 20 banks, 8 insurers, and 4 export credit agencies have already denied support to the pipeline. Without insurers willing to cover the risks of EACOP, the developers will likely struggle to raise the funds they need from banks and investors.
But Marsh, the world’s biggest insurance broker, is still looking to find insurers for this project. We need them to drop this project, like they recently did with the Adani coal mine.2
The pressure is building within Marsh as well. More than 100 employees of Marsh McLennan, Marsh’s parent company, signed a letter urging the company not to broker insurance for EACOP, saying the project would have “disastrous consequences” for the climate. And in an internal leadership event on sustainability late last month, staff at Marsh talked about the activism around stopping EACOP.
But even with the rising internal and external demands, Marsh's CEO still won’t rule out any fossil fuel projects. So we need to keep up the pressure.
In solidarity,
Team 350
1 - AP News
2 - Insurance Business Australia
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