(San Francisco and Kampala, October 10, 2024) – Banks and insurance companies should refuse to provide financing, insurance, or other support to the Kingfisher and Tilenga oil and gas projects in Uganda, Climate Rights International and 27 other non-governmental organizations said in letters sent to 34 banks and insurance companies.

In separate letters, the organizations called on Chinese state-owned enterprises, and the Chinese government as their shareholders, to end all support for the project, which is operated and partially owned by the Chinese National Offshore Oil Corporation (CNOOC).

The letters follow a recent report from Climate Rights International, “They Don’t Want People to Stay Here: How CNOOC’s Kingfisher Oil Project in Uganda Is Causing Human Rights, Environmental, and Climate Harms,” which documented widespread human rights violations, environmental degradation, and significant climate impacts linked to the Kingfisher oil project. Previous reports have documented abuses at the Tilenga oil project operated by TotalEnergies. TotalEnergies owns 56.67 percent of the Kingfisher and Tilenga projects, CNOOC 28.33 percent, and the state-owned Uganda National Oil Company (UNOC) 15 percent. Both Kingfisher and Tilenga are planned to export oil through Tanzania via the East Africa Crude Oil Pipeline (EACOP). (The list of recipients of the letters is below.)

“The Ugandan oil projects are associated with serious human rights abuses, environmental degradation, massive carbon emissions, and a disturbing disregard and lack of accountability for harms to local communities,” said Brad Adams, Executive Director at Climate Rights International. “For these reasons, major banks and insurance companies based in Europe, Japan, and North America have already ruled out support. Now it’s time for all banks and insurance companies, whether in Europe, China, the Gulf States, Africa, or elsewhere, to publicly rule out any continuing or further support.”  

Climate Rights International previously wrote to the Ugandan government, but received no response.

The United Nations Guiding Principles on Business and Human Rights impose a responsibility on businesses to avoid causing or contributing to negative impacts on human rights associated with their activities or business relationships. TotalEnergies is legally obliged to respect and protect rights and prevent harms under France’s due diligence law. Many large companies will have further obligations under the European Union’s Corporate Sustainability and Due Diligence Directive (CSDDD).

“Activists, including members of the #StopEACOP coalition and frontline communities, face ongoing threats, intimidation, and violence that are effectively underwritten by CNOOC, Total, and any companies that provide support to the project,” said Adams. “Instead of investing in a carbon bomb, they should invest in Uganda’s green future and redirect financial support to projects advancing a just energy transition to renewable energy.”

Recipients of letters to banks and insurance companies:

• The Industrial and Commercial Bank of China (ICBC)
• The Export–Import Bank of China (China Exim)
• China Export & Credit Insurance Corporation (SINOSURE)
• Chaucer Group
• Antares Managing Agency Limited
• Apollo Syndicate Management Limited
• Ascot Group
• Asta Capital Limited
• Allied World Managing Agency Limited
• Lloyd’s of London
• Marsh McLennan
• Minet Uganda
• Tokio Marine Kiln Group Limited
• Hiscox Insurance Group
• Associated Electric & Gas Insurance Services Limited (AEGIS)
• Allianz SE
• Aspen Insurance Company
• AXA S.A
• Beazley Plc
• Brit Insurance Services Limited
• Canopius Group Limited
• Hannover Re
• Helvetia Insurance Group
• Lancashire Syndicates Limited
• Munich Reinsurance Company
• RSA Insurance Group
• SCOR SE
• AON plc
• Swiss Re
• Talbot Underwriting Risk Services Ltd
• Travelers Syndicate Management Limited
• Zurich Insurance Group
• Talanx AG
• Fisk Marine Insurance International LLC

Recipients of letters to the Chinese government and state-owned enterprises:

• The Ministry of Commerce (MOFCOM)

• Ministry of Ecology and Environment (MEE)

• State-owned Assets Supervision and Administration Commission (SASAC)

• National Development and Reform Commission (NDRC)