Deutsche Bank (DBKGn.DE) is not funding a pipeline in Africa that environmental campaigners have said will displace thousands of families and disturb nature reserves, a person familiar with the matter said on May 15.
Germany’s biggest lender has been put under pressure to explain its stance on the financing of the planned $3.5 billion East African Crude Oil Pipeline (EACOP), which would cover over 1,400 kilometers from Uganda to Tanzania.
Deutsche Bank has until now not commented on the project despite the pressure growing ahead of the bank’s AGM on Thursday. The environmental activist group 350.org is coordinating a series of protests in the coming days.
350.org has said before the planned protests:
“Many major banks and insurers have already pulled out of this devastating project. We’re raising the pressure on Deutsche Bank, as one of the only major banks in Europe that has not yet withdrawn their support for EACOP.”
The French energy giant Total (TTEF.PA), which is building the pipeline alongside China National Offshore Oil Corporation, has said it was taking measures to moderate the human and environmental impact of the project.
In recent years, Deutsche Bank has promoted itself as a bank that companies can approach as they shift to a greener future.
Chief Executive Officer Christian Sewing said last year:
“We have placed sustainability at the core of our strategy.”
Deutsche Bank has under no circumstances been included in the financing of the pipeline, said the person, speaking on condition of anonymity.
In a statement, Deutsche Bank said that it does not discuss clients, but that it “supports the transition to a low-carbon economy” and its policies forbid it from intentionally financing projects that clear primary forests, areas of great conservation value, and peatlands.
The campaign called #STOPEACOP says on its website that the pipeline puts at risk water for millions of people, and will breach land critical for lions, elephants, and chimpanzees.