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  • 2016-11-30 (xsd:date)
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  • Chase and Wells Fargo Among Banks Financing Dakota Pipeline? (en)
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  • As the protests against an oil pipeline near the Standing Rock Sioux reservation escalated in November 2016, environmentalist activists began targeting financial institutions backing the Dakota Access Pipeline and urging supporters to boycott them with various memes shared around social media, or petitions calling on the banks to pull their funds out of the project: Financial documents from Energy Transfer Partners, the pipeline builder, lists a number of large banking institutions that have provided credit for the project, including: Credit Suisse; Royal Bank of Canada; Suntrust Bank; BNP Paribas; HSBC; Citibank; Morgan Stanley; Wells Fargo, Bank of America; and JP Morgan Chase. The Standing Rock Sioux, who fear the pipeline's route presents a threat to their sacred sites and water supply, have been fighting the project since 2014, but protesters calling themselves water protectors, lead by the tribe, have been camping near the site since April 2016 in an effort to stop the project. As of late November 2016, the Army Corps of Engineers, which manages the land, and the governor of North Dakota, have made statements indicating they want the thousands of demonstrators encamped near the project site to leave. But the demonstration and continued opposition by the Standing Rock Sioux have turned an oil pipeline project into an intensifying cause that has drawn international scrutiny, an open letter from BankTrack notes: The letter urges the banks to halt further loan payments and raises the concern that the project falls out of line with Equator Principles, a consortium that sets minimum standards to which signing institutions are expected to adhere on matters of community and environmental accountability. According to Energy Transfer Partners, the end project will be a 1,172-mile, 30-inch diameter pipeline: The pipeline is expected to carry 470,000 barrels of oil per day. Energy Transfer Partners CEO Kelcy Warren has said the company will not reroute the pipeline. (en)
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