World’s largest reinsurer opts out of EACOP cover

World’s largest reinsurer opts out of EACOP cover

Munich Re will not insure the East African Crude Oil Pipeline (EACOP), throwing up another challenge for the TotalEnergies-driven project in Uganda and Tanzania.

The insurance giant said it had set out decarbonisation targets in 2020 for its liabilities, investments and operations. It is also a member of the United Nations’ Net Zero Asset Owner Alliance and a founder of the Net Zero Insurance Alliance.

Munich Re said it has a “clear and science-based stance to support the Paris Climate Goals. We are constantly monitoring our progress against this ambition and reporting transparently in our annual report.”