Daily Monitor
Tuesday March 09 2021
Summary
As such, any concerns relating to environment and social aspects, if not addressed, are likely to jolt investors.
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The French oil giant Total SA chief executive, Mr Patrick Pouyanne, has acknowledged that the company’s oil projects in Uganda “represent significant social and environmental stakes” but said they are mindful of the fears and are “taking them into consideration.”
Mr Pouyanne said they are mobilising substantial resources to ensure the oil projects are carried out in an exemplary manner and to create value for the people in both countries.
“In view of the questions raised by stakeholders, the commitment of Total is to answer to all questions and to ensure complete transparency on the studies conducted by Total and independent third parties and the actions taken as a result,” Mr Pouyanne said in a statement from the company’s headquarters in Paris yesterday.
4 March 2021 7:49 GMT Updated 4 March 2021 9:49 GMT in London
Hundreds of civil society organisations have called on banks not to fund the $3.5 billion to $4 billion East African Crude Oil Pipeline (EACOP) because of the threats it poses to local communities, water supplies and biodiversity.
In an open letter published this week, organisations from 49 countries including 122 based in Africa called on banks not to participate in loans to fund construction of what will be the world’s longest heated pipeline.
The StopEACOP alliance also warned the pipeline will fuel climate change by transporting oil that, it estimates, will generate over 34 million tonnes of carbon emissions each year.
Standard Bank reviewing oil pipeline financing concerns monitor.co.ug - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from monitor.co.ug Daily Mail and Mail on Sunday newspapers.
Organizations aim to block funds for East African oil pipeline
by Mongabay.com on 1 March 2021
On March 1, more than 260 organizations issued an open letter to the banks identified as financial advisers for the construction of the East African Crude Oil Pipeline, as well as to 25 others reportedly considering offering loans to fund its construction.
The pipeline would carry oil from fields in western Uganda to a port on the northern coast of Tanzania.
The human rights and environmental organizations that sent the letter say the pipeline’s construction poses “unacceptable” risks to communities and the environment in Uganda and Tanzania and beyond.
Panorama of the port city of Manta, in Ecuador, close to where the El Aromo project is planned to be built. Photo: Diego Lizcano / Flick-CC BY-NC-ND 2.0.
MANTA, Ecuador, Feb 4 2021 (IPS) - In December 2020, the “El Aromo” solar energy project was approved in coastal Manabí province, Ecuador. Operated by the Spanish company Solarpack, the project is expected to transform national solar output. El Aromo will occupy 2.9km2 of land that was previously cleared to build a multi-billion dollar oil refinery, plans that have since been abandoned. While El Aromo holds symbolic significance, it remains uncertain whether the project will mark a significant step toward more environmentally sustainable energy development in Ecuador.