Standard Chartered and SMBC rule out funding the East African Crude Oil Pipeline
Mounting pressure from climate and human rights activists has led numerous lenders to back out of the controversial East African Crude Oil Pipeline (EACOP) project. This month, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation (SMBC) ruled out of financing the project, adding to the list of 25 banks and 23 insurance companies that have publicly committed to not support EACOP.