Danwatch (2023)

The East Africa Crude Oil Pipeline (EACOP), which is being built across Uganda and Tanzania, has been strongly criticized for leading to both extensive expropriations and environmental destruction. Nevertheless, the Nordic investment association SKAGEN Fondene maintains its investments in the companies behind EACOP, even as banks such as Deutsche Bank, Credit Agricole and HSBC have taken an active decision not to contribute to the oil pipeline. Wawa Wang, director of the NGO Just Finance International, tells Danwatch, “In order for the Skagen funds to be able to live up to their own ambitions for sustainability, they should follow the example of other leading Western investors and immediately liquidate their investments in the companies that are at the head of EACOP.”

Read the article in full: Danwatch