A complaint has been filed against Standard Bank, alleging that it misrepresents its commitment to sustainability and environmental responsibility. The complaint highlights that Standard Bank is one of just four institutions financing the East African Crude Oil Pipeline (EACOP) project, alongside Stanbic Bank Uganda, Afreximbank, KCB Bank Uganda, and Saudi Arabia’s Islamic Corporation for the Development of the Private Sector.
According to Standard Bank’s 2025 Report to Society, the bank claims to have engaged with stakeholders and implemented strong environmental and social risk controls. It also points out the project’s economic advantages, noting that over 8,000 Ugandan and Tanzanian citizens are employed, along with 400,000 hours of training provided.
Critics of the bank argue that it misleadingly promotes its renewable energy initiatives, citing an image of a wind turbine in the report that represents the Ummbila Emoyeni project, developed with Seriti Green— a subsidiary of Seriti Holdings, a major coal producer. The complaint raises concerns about the bank’s statements regarding its intentions to reduce oil and fossil fuel exposure, as well as its efforts in water conservation and support for biodiversity.
The complaint identifies nine areas where Standard Bank’s advertising may violate the Advertising Regulatory Board (ARB) Code, including net-zero commitments and compliance with environmental standards. It calls for the ARB to demand documentation supporting the bank’s claims concerning climate alignment and sustainable finance, and suggests that misleading representations should be amended or withdrawn.
Standard Bank acknowledged reports of the complaint but stated it had yet to see or comment on it. The bank reaffirmed its dedication to fostering a lower-carbon economy in Africa, arguing that supporting renewable energy alongside fossil fuel projects is essential for the continent’s development.
The complaint asserts that the real issue is whether Standard Bank’s environmental claims accurately reflect the full extent of its financing activities. It concludes that the bank’s advertisements may constitute greenwashing, as they reportedly exaggerate its standing as a leader in sustainable finance while omitting significant information.
