Standard Bank has denied investing in the East African Crude Oil Pipeline-EACOP. On Monday, about 100 protesters gathered outside the Bank’s Head Office in Rosebank, Johannesburg, ahead of its Annual General Meeting (AGM).
The protesters want Standard Bank to stop investing billions of rand on fossil fuels. They are calling on the bank to invest in renewable energies and to uplift the poor.
A group of about 15 climate activists managed to gain access into the Standard Bank building and tried to block the entrance to the venue where the bank’s board was to host the AGM. Security was called in and they were removed from the building.
Extinction Rebellion’s Malik Dasoo explains: “We are a group of 15 to 20 people, the rest were not allowed in. With that group we managed to block the entrance of the AGM and Standard Bank got their backs behind the wall and dragged us out. I feel good because that’s what is needed. We have to do this sort of thing to make the violence of the bank explicit. We have seen what they are capable of to peaceful protests.”
Rising temperatures, floods and extreme tropical cyclones have been linked to the changing climate, and the more industries continue emit greenhouse gases, the more harm is caused to the ecosystem. Climate activist — Kumi Naidoo — says they may not manage to protest at each and every bank or multinational, but he believes this will make an impact.
“One thing that all these companies have in common whether its oil, coal, gas, deforestation and so on is that they need institutions like Standard Bank to finance it. So our strategy is simple. Follow the money at the source.”
Standard Bank has denied investing in the East African Crude Oil Pipeline-EACOP. It says they are considering all options in the matter.
Standard Bank Chief Executive for Corporate and Investment Banking, Kenny Fihla eloborates:
“We have said that as an institution that operates in 20 African countries there will be protests and we have no problem with them engaging with us. What is unfair is if the bank decides to fund the program it will go ahead. In Uganda the project has gone ahead and it’s in construction so it’s under development. The funding we as Standard Bank have been asked to consider is very small relative to the whole project and we believe the protesters need to engage with the Ugandan government and the Tanzanian government as they are the ones going ahead with the project. We are a very small part of the whole project.”
Standard Bank denies investing in East African Crude Oil Pipeline project:
