Posted by on Mar 24, 2017 in Featured

KLP Pension Fund Divests $68 Million from Companies Affiliated with the Dakota Access Pipeline

KLP Pension Fund Divests $68 Million from Companies Affiliated with the Dakota Access Pipeline

KLP, a Norwegian pension fund that manages government employees’ pensions, has decided to remove its investments from companies behind the Dakota Access pipeline. In a statement released by KLP they state, “KLP has decided to exclude Energy Transfer Partners (“ETP”), Enbridge Energy Partners, Phillips 66 and Marathon Petroleum from investments by KLP and the KLP Mutual funds (‘KLP’) as of 13 March 2017 due to an unacceptable risk of contributing to serious or systematic human rights violations.” KLP had $68 million invested in Energy Transfer Partners (“ETP”), Enbridge Energy Partners, and Phillips 66. Read KLP’s full fact finding report here NPR reports that KLP’s decision stems from pressure applied by Norway’s Indigenous Sami peoples. KLP joins a growing list of cities and others in divesting funds from banks and companies affiliated with the Dakota Access pipeline. In February, the Seattle city council voted to divest $3 billion from Wells Fargo due to its financing of the Dakota Access pipeline. They have been joined by Davis, Santa Monica and San...

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Posted by on Mar 21, 2017 in Featured

Bank in Netherlands Sells Stake in Dakota Access Pipeline

Bank in Netherlands Sells Stake in Dakota Access Pipeline

3/20/17 – the Netherlands-based financial  institution, ING, has announced that it has sold off its share of loan debt to the Dakota Access pipeline.  In selling off its $120 million of DAPL debt, ING, one of 17 syndicate banks financing DAPL, becomes the first bank to cut ties with the project. According to ING, the decision came after a meeting with representatives from the Standing Rock Sioux Tribe. “In our meeting with the Standing Rock Sioux Tribe on 10 February, we discussed the Tribe’s concern regarding the pipeline’s proposed routing. The Tribe made its belief clear that its interests and position as a sovereign nation weren’t properly recognised in the process by the government. Both ING and the Tribe acknowledged the general importance of respectful dialogue with groups potentially affected by large infrastructure projects. In the meeting, we also shared with the Tribe our willingness to either continue trying to positively influence the course of the project, or to distance ourselves by selling our stake in the loan. In...

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Posted by on Mar 20, 2017 in Featured

Oil could flow through DAPL today; here’s how we can stop it by Jacqueline Fielder

Oil could flow through DAPL today; here’s how we can stop it by Jacqueline Fielder

Dakota Access LLC has claimed that oil could flow through the Dakota Access Pipeline as early as today. The Standing Rock and Cheyenne River Sioux tribes will continue to ask the courts to “order the pipeline turned back off.” We, as a movement, have exhausted many avenues to prevent the flow of oil, but there are still a few we have not yet exhausted. METHOD – RESULT Indigenous youth organize a petition & run to D.C. IGNORED August 6, 2016 Army Corps rejects easement for Dakota Access LLC REVERSED Jan. 24, 2016 Water Protectors resist in prayer at Sacred Stone FORCIBLY REMOVED Feb. 24, 2017 Cheyenne River and Standing Rock Sioux Tribes sue U.S. Army Corps on religious grounds REJECTED March 7, 2017 Cheyenne River and Standing Rock Sioux Tribes appeal religious-based court case decision PENDING Largest indigenous march on Washington in history IGNORED March 10, 2017 Tribes ask Appeals Court of D.C. Circuit to halt oil flow REJECTED March 18, 2017 Cheyenne River and Standing Rock Tribes sue...

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Posted by on Mar 15, 2017 in Featured

Construction of the Dakota Access Pipeline Could Bring North Dakota $100M Per Year

Construction of the Dakota Access Pipeline Could Bring North Dakota $100M Per Year

North Dakota is set to gain up to $100 million per year from the construction of the Dakota Access pipeline. According to North Dakota Tax Commissioner Ryan Rauschenberger, the state will gain the additional tax revenue due in part to savings from transportation costs. The 1,172-mile long pipeline, which has drawn international opposition by supporters of water protectors at the Standing Rock Sioux Tribe, has the capacity to transport up to 570,000 barrels per day. Currently, Bakken crude is transported largely by rail, which is a more expensive form of transportation. The completed pipeline will save oil companies roughly $3 per barrel, generating increased tax revenue for the state due to the increased capacity of transported oil and the lowering of the costs to transport the oil. Drilling is still taking place on the final phase of the pipeline, the hotly contested area underneath Lake Oahe on the Missouri River. Despite a recent executive order by the Trump administration to complete the pipeline, in addition to reviving the Keystone...

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Posted by on Mar 13, 2017 in Featured

Divestment Activists Target Seattle’s Pension Fund over Investments in Fossil Fuels

Divestment Activists Target Seattle’s Pension Fund over Investments in Fossil Fuels

Following Seattle’s historic divestment from Wells Fargo, activists are now calling on the City to unload its $2.5 billion pension fund from all fossil fuels. “Climate Justice requires us to move away from what is harming our communities. Seattle’s investment in fossil fuels is irresponsible when there are sources for renewable energy that we should be harnessing in a transition towards a healthier relationship with our ecosystems and environment.” said Rashad Barber of Seattle-based environmental justice group, Got Green. The movement to divest from fossil fuels started back in 2011 on just a few university campuses. Over the next six years it grew to become the largest divestment movement in history, with over $5.44 trillion now committed to some form of divestment from fossil fuels. Institutions committed to divestment include the World Council of Churches, the Californian State employee pension board and the entire nation of Ireland. Yet, despite this, the City of Seattle’s pension fund is still heavily invested in coal, tar sands and other fossil fuel corporations,...

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