Greenpeace, known for its environmental activism, has taken a unique approach to prevent oil exploration in the Democratic Republic of Congo (Congo Kinshasa). The NGO is now targeting insurance companies, urging them to abstain from covering oil ventures in Congo.
In a recent study, “Blood oil,” Greenpeace Africa collaborated with Insure our Future, Reclaim Finance, and Urgewald to detail the reluctance of top insurers to back what they term as “disastrous neocolonial extraction” in Congo.
Irene Wabiwa, the lead for Greenpeace Africa Congo Basin, commented, “Top insurers and reinsurers show hesitancy in endorsing ventures in Congo.” The report suggests that it’s economically impractical for companies to get insurance coverage for Congo’s oil blocks, given the country’s limitations in providing domestic insurance.
Significantly, seven leading insurance companies, including Allianz, Axa, and Chubb, have explicitly excluded Congo’s E&P from their offerings. Additionally, four key reinsurers – Munich Re, Hannover Re, Swiss Re, and SCOR – have stayed away from the market. Oil firm Perenco might face rising reinsurance costs due to this trend.
This revelation by Greenpeace coincided with a major reinsurance event in Monaco, which the NGO attended. Their aim: urging insurance bodies to deny support to Congo’s oil and gas ventures.
Interestingly, the bidding timeline showcases bids for the Lake Tanganyika blocks from September 15 to October 13, and for the Lake Albert blocks from October 30 to December 11. The NGOs pointed out that 13 of these blocks overlap with protected areas.
The “Blood oil” report raises the pressing issue of community consent. There are concerns if the indigenous communities living in these blocks have genuinely approved exploration.
Greenpeace also flagged that companies like Swiss Re might cover firms with a clear 2050 net-zero target. But according to Greenpeace, no company in Congo meets such criteria.
In conclusion, Greenpeace’s effort to persuade insurers against backing Congo’s oil exploration is a notable shift in environmental advocacy. It spotlights the intertwined roles of corporate responsibility, insurance, and environmental conservation.
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