Standard Bank Ltd. continues to finance the East Africa Crude Oil Pipeline project, carried out by TotalEnergies SE. The $5 billion pipeline will connect oil fields in Uganda with an export terminal in Tanzania. However, the project faces strong opposition from environmental organizations.

In 2021, the bank hired an independent consultant to assess its involvement, conducting internal reviews including an evaluation of environmental and social impacts. Opponents of the pipeline, known as EACOP, claim it could harm wildlife and local communities, as well as increase greenhouse gas emissions. Human Rights Watch reports insufficient compensation for displaced residents.

Nevertheless, Uganda’s President Yoweri Museveni supports the project, noting backing from China. The pipeline’s cost has risen from $4 billion to $5 billion.