{"id":10560,"date":"2021-04-12T11:19:57","date_gmt":"2021-04-12T09:19:57","guid":{"rendered":"https:\/\/reclaimfinance.org\/site\/?p=10560"},"modified":"2023-02-15T15:32:27","modified_gmt":"2023-02-15T14:32:27","slug":"french-oil-company-total-defends-the-indefensible-as-investment-decision-is-signed-for-a-massive-climate-destroying-crude-oil-pipeline-in-east-africa","status":"publish","type":"post","link":"https:\/\/reclaimfinance.org\/site\/en\/2021\/04\/12\/french-oil-company-total-defends-the-indefensible-as-investment-decision-is-signed-for-a-massive-climate-destroying-crude-oil-pipeline-in-east-africa\/","title":{"rendered":"French oil company, Total, defends the indefensible as investment decision is signed for its EACOP oil project"},"content":{"rendered":"<p><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-0 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;--awb-margin-bottom:0px;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-1\"><p style=\"text-align: justify;\"><strong><span style=\"color: #8ac56b;\"><b>Press release &#8211; <\/b><\/span><\/strong><span style=\"color: #8ac56b; font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); letter-spacing: var(--body_typography-letter-spacing);\"><b>#StopEACOP Alliance members<\/b><\/span><\/p>\n<p style=\"text-align: justify; color: #8ac56b;\"><b>Paris, 12 April 2021- <\/b><span style=\"color: #8ac56b; font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); letter-spacing: var(--body_typography-letter-spacing);\"><b>Following the sig<span style=\"color: #8ac56b;\">ning of a<\/span>n investment decision for the East African Crude Oil Pipeline (EACOP), the <a style=\"color: #8ac56b;\" href=\"https:\/\/www.stopeacop.net\/\" target=\"_blank\" rel=\"noopener noreferrer\"><u>#StopEACOP Alliance<\/u><\/a> published a <a style=\"color: #8ac56b;\" href=\"https:\/\/static1.squarespace.com\/static\/5fc078e1ab79f442f227752e\/t\/607303c57d0e081e9c7d686d\/1618150342915\/StopEACOP_ResponsetoTOTAL_11April2021.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><u>statement<\/u><\/a> responding to Total\u2019s recent attempts to talk up its supposed green credentials.<\/b><\/span><\/p>\n<p style=\"text-align: justify;\">French oil company, Total, has been accused of ignoring significant human rights violations and huge <span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">environmental and climate risks as it pushed ahead yesterday with the signing of an investment decision to <\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">build the world&rsquo;s longest heated crude oil pipeline through Uganda and Tanzania.<\/span><\/p>\n<p style=\"text-align: justify;\">Although the signing will likely see Total, the China National Offshore Oil Corporation and the Ugandan and <span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">Tanzanian national oil companies ramp up their efforts to secure financing and insurance, the project still has <\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">many hurdles to overcome and affected communities and civil society groups are calling on financial <\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">institutions to refuse to support the project.<\/span><\/p>\n<p style=\"text-align: justify;\">Instead of responding to the urgent needs of affected communities and repeated alerts from civil society, Total <span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">has focused its recent efforts on a greenwashing communication strategy.<\/span><\/p>\n<p style=\"text-align: justify;\">A week after more than 260 African and international organisations sent an <a href=\"https:\/\/www.banktrack.org\/download\/open_letter_from_over_260_civil_society_organisations_to_banks_on_eacop\/210301_eacop_open_letter_to_banks_2.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><u>open letter<\/u><\/a> to 25 banks urging <span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">them not to finance the construction of the EACOP, Total issued statements on its website describing its <\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">environmental and social risk assessment and mitigation strategies for the EACOP and Tilenga oil extraction <\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">project as \u201c<a href=\"https:\/\/www.total.com\/info\/tilenga-eacop-two-projects-rigorously-researched-and-assessed\" target=\"_blank\" rel=\"noopener noreferrer\"><u>rigorous<\/u><\/a>\u201d and claiming to act \u201c<a href=\"https:\/\/www.total.com\/projects\/oil-gas\/tilenga-and-eacop-acting-transparently\" target=\"_blank\" rel=\"noopener noreferrer\"><u>responsibly and transparently<\/u><\/a>\u201d on the social and environmental <\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">issues related to the projects.<\/span><\/p>\n<p style=\"text-align: justify;\">The <a href=\"https:\/\/www.stopeacop.net\/\" target=\"_blank\" rel=\"noopener noreferrer\"><u>#StopEACOP Alliance<\/u><\/a> has since examined the claims and the previously confidential reports, and is today <span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">issuing a <a href=\"https:\/\/static1.squarespace.com\/static\/5fc078e1ab79f442f227752e\/t\/607303c57d0e081e9c7d686d\/1618150342915\/StopEACOP_ResponsetoTOTAL_11April2021.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><u>detailed response<\/u><\/a>. The statement clarifies several misleading figures Total offered on key aspects of <\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">the project, such as the number of oil wells to be drilled within Murchison Falls National Park, and the number <\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">of project-affected people for Tilenga and EACOP. Contrary to the company\u2019s claims, more than 100,000 <\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">persons and dozens of sensitive ecosystems in Uganda and Tanzania stand to suffer the consequences of the <\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">company\u2019s actions.<\/span><\/p>\n<p style=\"text-align: justify;\">Vitally, for a corporation that seeks to position itself as somehow being a climate leader, Total chooses to <span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">ignore the massive climate risks posed by building a pipeline to transport crude oil that will generate a new <\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">source of 34.3 million metric tons of carbon emissions at the peak of its operation.<\/span><\/p>\n<p style=\"text-align: justify;\">The response statement, which draws from <a href=\"https:\/\/www.stopeacop.net\/publications\"><u>dozens of independent assessments, NGO reports, and community <\/u><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">petitions<\/span><\/a><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">, clearly disproves the claim by Total\u2019s CEO, Patrick Pouyann\u00e9, that the projects would be \u201ccarried out <\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">in an exemplary manner and create value for the people in both countries.\u201d<\/span><\/p>\n<p style=\"text-align: justify;\">These criticisms are not new: the flaws of Total\u2019s handling of the projects have been well documented by <span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">independent experts and civil society.<\/span><\/p>\n<p style=\"text-align: justify;\">The Netherlands Commission for Environmental Assessment has previously <a href=\"https:\/\/www.eia.nl\/docs\/os\/i72\/i7228\/7228_website_versie_advisory_report_eacop_uganda_22_october.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><u>stated<\/u><\/a> that the EACOP <span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">Environmental and Social Impact Assessment (ESIA) is \u201cnot fit for purpose,\u201d while Oxfam and the International <\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">Federation for Human Rights have <u><a href=\"https:\/\/www.fidh.org\/en\/region\/Africa\/uganda\/oxfam-and-fidh-respond-to-new-disclosures-by-total-in-east-africa\" target=\"_blank\" rel=\"noopener noreferrer\">said<\/a><\/u> that Total has failed to address a large portion of the core <\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">recommendations the NGOs made in their community-based human rights impact assessments.<\/span><\/p>\n<p style=\"text-align: justify;\">The company is also facing <u><a href=\"https:\/\/www.totalincourt.org\/\" target=\"_blank\" rel=\"noopener noreferrer\">a historical lawsuit<\/a><\/u> in France for its failure to prevent human rights violations and <span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">environmental damage linked to these projects.<\/span><\/p>\n<p style=\"text-align: justify;\"><b><span style=\"color: #8ac56b;\">#StopEACOP Alliance members reacted today to Total\u2019s greenwashing efforts and the signing of the I<\/span><span style=\"font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); letter-spacing: var(--body_typography-letter-spacing); color: #8ac56b;\">nvestment decision.<\/span><\/b><\/p>\n<blockquote style=\"text-align: justify;\">\n<p><span style=\"font-style: normal;\">Dickens Kamugisha, CEO of Africa Institute for Energy Governance (AFIEGO) commented:<\/span> \u00ab\u00a0While Total claims <span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">to act &lsquo;responsibly and transparently&rsquo;, our engagements with district leaders and local communities whose land <\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">is being compulsorily acquired for the EACOP project shows otherwise. In March 2021, Total published the <\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">Resettlement Action Plan [RAP] for the EACOP project online to ostensibly foster information sharing. However, <\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">district leaders and local affected communities were unaware that the RAP exists until we informed them about <\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">it between April 6 and 8, 2021. The district leaders and communities remain unaware of the contents of the <\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">RAP. <\/span>How can communities for whom the RAP is intended be among the last to know about it? The truth is that Total <span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">sought to portray itself as being transparent when the company isn&rsquo;t where it matters the most, with the local <\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">affected communities.<\/span><\/p>\n<\/blockquote>\n<blockquote style=\"text-align: justify;\">\n<p><span style=\"font-style: normal;\">Kayinga Muddu Yisito, the Network Co-ordinator for Community Transformation Foundation Network <\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\"><span style=\"font-style: normal;\">(COTFONE) adds:<\/span> \u00ab\u00a0There are grave concerns about the securitisation of oil activities and intimidation. <\/span>Community liaison officers employed by Total follow CSOs into meetings which creates an atmosphere of fear, <span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">as communities have reported that they are intimidated by the community liaison officers. Communities are <\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">intimidated when they speak out against low or unfair assessments for their property that is being compulsorily <\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">acquired. EACOP-affected communities have also reported being forced to sign compensation assessment <\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">forms that they don&rsquo;t agree with following intimidation by security agencies alongside land acquisition <\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">consultants.\u00a0\u00bb<\/span><\/p>\n<\/blockquote>\n<blockquote style=\"text-align: justify;\">\n<p><span style=\"font-style: normal;\">Vanessa Nakate, Founder of the Rise Up Climate Movement said: <\/span>There is no reason for Total to engage in oil <span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">exploration and the construction of the East Africa Crude Oil Pipeline (EACOP) because this means fuelling the <\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">destruction of the planet and worsening the already existing climate disasters in the most affected areas. There <\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">is no future in the fossil fuel industry and we cannot drink oil. We demand Total to rise up for the people and <\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">the planet.<\/span><\/p>\n<\/blockquote>\n<blockquote style=\"text-align: justify;\">\n<p><span style=\"font-style: normal;\">Juliette Renaud, Senior campaigner for Friends of the Earth France declared: <\/span>We&rsquo;ve been supporting affected <span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">communities by Total&rsquo;s projects in many different countries in the past decades, and EACOP is yet another sad <\/span><span style=\"letter-spacing: var(--body_typography-letter-spacing); font-weight: var(--body_typography-font-weight); font-size: var(--body_typography-font-size); font-family: var(--body_typography-font-family); color: var(--body_typography-color);\">example of how this oil giant develops unacceptable projects to make profits at any cost. Its greenwashing <\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">efforts cannot hide the truth on the ground: thousands of families in Uganda and Tanzania are already <\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">deprived from their livelihoods to make room for this climate-killer project, and people who dare to speak <\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">against it are repeatedly intimidated.<\/span><\/p>\n<\/blockquote>\n<blockquote style=\"text-align: justify;\">\n<p><span style=\"font-style: normal;\">Lucie Pinson, Founder and Executive Director of Reclaim Finance said:<\/span> Total&rsquo;s decision to move forward with <span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">opening a new oil frontier in Africa is in blatant contradiction to the CEO&rsquo;s attempt to depict the oil major as a <\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">climate-conscious, responsible, multi-energy company. EACOP will bring climate chaos and biodiversity loss <\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">while already causing serious human rights violations. It&rsquo;s high time for financial institutions to stand up <\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">against the group&rsquo;s criminal acts. We call on banks to publicly commit to stay clear from the project and <\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">investors to vote against Total&rsquo;s climate strategy and the renewal of the mandate of its CEO Patrick Pouyann\u00e9 t<\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">he group&rsquo;s AGM in May.<\/span><\/p>\n<\/blockquote>\n<blockquote style=\"text-align: justify;\">\n<p><span style=\"font-style: normal;\">David Pred, Executive Director of Inclusive Development International said: <\/span>The oil companies are trying to<span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">dress up the investment decision signing ceremony, but fortunately this climate-destroying project is far from a<\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">done deal. Total and CNOOC still need to secure insurance and raise $2.5 billion in debt financing for the EACOP <\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">to move forward and they are going to struggle mightily to find enough banks and insurance providers willing <\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">to associate themselves with such a reckless project and assume its manifold risks on their books.<\/span><\/p>\n<\/blockquote>\n<\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><\/div><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-2 fusion-flex-container nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start fusion-flex-content-wrap\" style=\"max-width:1216.8px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-1 fusion_builder_column_1_1 1_1 fusion-flex-column\" style=\"--awb-padding-top:10px;--awb-padding-right:10px;--awb-padding-bottom:0px;--awb-padding-left:10px;--awb-overflow:hidden;--awb-bg-size:cover;--awb-border-color:#ffffff;--awb-border-top:1px;--awb-border-right:1px;--awb-border-bottom:1px;--awb-border-left:1px;--awb-border-style:solid;--awb-border-radius:10px 10px 10px 10px;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.92%;--awb-margin-bottom-large:20px;--awb-spacing-left-large:1.92%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-text fusion-text-2\"><p><b><u>Press contacts:<\/u><\/b><\/p>\n<ul>\n<li>Inclusive Development International: David Pred |+1 917-280-2705 | david@inclusivedevelopment.net | <span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">Twitter: @preddavid<\/span><\/li>\n<li>Friends of the Earth France: Juliette Renaud | + 33 6 37 65 56 40 | juliette.renaud@amisdelaterre.org | Twitter: <span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">@JulietRenaud<\/span><\/li>\n<li><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">Reclaim Finance: Lucie Pinson | +33 (0)6 79 54 37 15 <span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">| lucie@reclaimfinance.org | <\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">@Lucie_Pinson_<\/span><br \/>\n<\/span><\/li>\n<li><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\"><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">AFIEGO: afiego@afiego.org<br \/>\n<\/span><\/span><\/li>\n<\/ul>\n<\/div><\/div><\/div><\/div><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-3 nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-2 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-padding-top:10px;--awb-padding-right:10px;--awb-padding-left:10px;--awb-overflow:hidden;--awb-bg-size:cover;--awb-border-color:#59bc6d;--awb-border-top:1px;--awb-border-right:1px;--awb-border-bottom:1px;--awb-border-left:1px;--awb-border-style:solid;--awb-border-radius:10px 10px 10px 10px;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-3\"><div><b style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); letter-spacing: var(--body_typography-letter-spacing);\"><span style=\"color: #59bc6d;\"><u>Find out more:<\/u><\/span><\/b><\/div>\n<ul>\n<li>For more information about the risks of EACOP to people and the planet, and the global movement working to stop it, please visit <u><a href=\"https:\/\/www.stopeacop.net\/\" target=\"_blank\" rel=\"noopener noreferrer\">www.stopeacop.net<\/a><\/u>. Read the full #StopEACOP Alliance Statement in Response to Total\u2019s Disclosures <u><a href=\"https:\/\/static1.squarespace.com\/static\/5fc078e1ab79f442f227752e\/t\/607303c57d0e081e9c7d686d\/1618150342915\/StopEACOP_ResponsetoTOTAL_11April2021.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">here<\/a><\/u>.<\/li>\n<\/ul>\n<\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><\/div><\/div><\/p>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":28,"featured_media":9568,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[226],"tags":[778,721,240,244],"acteurs_financiers":[2436],"thematique":[2423,2438],"webinar_type":[],"programme":[],"class_list":["post-10560","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-press-release","tag-climat-en","tag-finance-en","tag-oil-en","tag-total-en","acteurs_financiers-investors","thematique-fossil-fuels","thematique-oil-en"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>French oil company, Total, defends the indefensible as investment decision is signed for its EACOP oil project - Reclaim Finance<\/title>\n<meta name=\"description\" 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