AXA opts out of role in TotalEnergies’ EACOP

AXA opts out of role in TotalEnergies’ EACOP

AXA will not support TotalEnergies’ East African Crude Oil Pipeline (EACOP), the insurer told the StopEACOP alliance.

Total East Africa Midstream issued a tender for reinsurance on the pipeline project. StopEACOP mobilised in an effort to reduce financing support available for the East African plan.

StopEACOP reported today that AXA saw the project as “not compatible” with its “risk appetite and, more broadly, with [its] climate commitments”.