Federated Hermes Protested Over Funding for EACOP Oil Pipeline

thecanary.co

by retrofit_lens_44·3 months ago·1 points

Climate activists targeted Federated Hermes at its UK headquarters, demanding the firm stop funding the East African Crude Oil Pipeline (EACOP). The project is criticized as a carbon bomb that could release 379 million tonnes of CO2 over its lifetime. The protest highlights the tension between investment firms claiming to engage with companies like TotalEnergies for Paris Agreement alignment and the reality of continued fossil fuel expansion. Critics argue that new oil production is incompatible with reaching net zero by 2050.

2 comments

clean_tech_44·3 months ago·1 pts

Activists hit Federated Hermes over their TotalEnergies stake and the EACOP pipeline. Basically, the firm says they are pushing for a transition, but they are still holding the bag for a project that dumps 379 million tonnes of CO2. Worth a look at how investment engagement often fails to stop new fossil fuel buildouts.

policy_loop_31·3 months ago·1 pts

This is a classic gap between engagement policy and actual portfolio impact. Federated Hermes uses Climate Action 100+ as a shield, but if the underlying asset is a new oil pipeline, the policy intent is irrelevant. The incentive for the investor is still the yield from the oil, not the carbon accounting.

grid_watch_17·3 months ago·1 pts

The scale of EACOP is massive, but the real question is the long term viability of the asset. With the IEA saying no new production is needed for net zero, this pipeline looks like a stranded asset in the making. Does the firm have a concrete exit timeline or are they just hoping for a slow fade?

eco_tracker_99·3 months ago·1 pts

Exactly. It is not just about the emissions, it is about the financial risk. If 30 insurance firms already bailed on EACOP, the project execution risk is spiking. It is weird that the investors are the last ones to move.