Standard Chartered Plc has said that it will not finance an oil pipeline in East Africa that’s been estimated to have a high carbon footprint. The project known as the East Africa Crude Oil Pipeline project plans to carry oil 900 miles from the fields of western Uganda to the coast of Tanzania. The announcement came primarily because of the efforts of a coalition of climate activists who have been targeting banks and insurance companies supporting the project.
The pipeline project budgeted at $5 billion will have several environmental impacts, including:
- Threatening local wildlife populations, including lion and hippo habitats
- Displacing communities and triggering a dangerous spike in emissions
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