Il nome ufficiale di quest'ultima è pero diventato Elizabeth Tower a fine giugno 2012, in occasione del giubileo di diamante della regina Elisabetta.
"Due to" and "because of" roughly mean "a causa di", and "a causa di" expresses a causality link;
"In occasione del" itself doesn't really imply a causality link, it implies that both events happened at the same time, although it also strongly suggests that two events were a good fit one for each other.
Take vacations as an example: you may well say that "In occasione delle vacanze sei andato a trovare dei parenti", but you'd probably never say that "A causa delle vacanze sei andato a trovare dei parenti".
So no, it doesn't mean exactly the same as "due to" or "because of".
If you're reasonably sure that the two events are causally linked, then you may well use "a causa di" in place of "in occasione del" (and hence also "because of" / "due to" e.g. in a translation), but mind that this implies a loss in the meaning, since the temporality link between the two events is lost; in a translation you're better off using (as suggested in the comments by Elberich Schneider and egreg) the English equivalent "on the occasion of".
If you want to just convey that the two events happened at the same time, hardening the sense of causality disjunction, you can use another adverb altoghether (such as "durante" / "during").
So if you're reasonably sure that the two events are causally linked, then you may well use "a causa di" in place of "in occasione del" (and hence also "because of" / "due to" e.g. in a translation), but again, the temporality link between the two events is lost:
The official name of the latter however became Elizabeth Tower at the end of june 2012, because of / due to Queen Elizabeth's diamond Jubilee.
If you don't want to lose the temporality link between the two events, in a translation you're better off using the English equivalent "on the occasion of":
The official name of the latter however became Elizabeth Tower at the end of june 2012, on the occasion of Queen Elizabeth's diamond Jubilee.
If you want to just convey that the two events happened at the same time, hardening the sense of causality disjunction, you can use another adverb altoghether (such as "durante" / "during"):
The official name of the latter however became Elizabeth Tower at the end of june 2012, during Queen Elizabeth's diamond Jubilee.
