U.S. Bank to Stop Financing Pipeline ConstructionTweet
At their annual shareholders meeting in April, U.S. Bank announced that they will no longer fund future oil and gas pipelines.
According to their newly released Environmental Responsibility Policy 2017
“The company does not provide project financing for the construction of oil or natural gas pipelines.”
U.S. Bank went on to further outline that it will no longer finance coal mines, Mountain Top Removal Projects, and committed to sustainable energy projects such as wind and solar.
“We do not extend credit to, provide financing to, or participate in relationships involving individual Mountain Top Removal (MTR) projects or coal producers who rely on MTR for anything more than a limited portion of its firm’s overall coal production. In addition, we will not participate in any relationship involving or provide project financing or other forms of asset-specific financing for the development of new coal mines”
They further committed to no longer financing forestry projects that adversely impact Indigenous communities, “We do not finance forestry operations that negatively impact indigenous people and or dependent communities without the provision of culturally appropriate representation.”
U.S. Bank had come under strong opposition due to its financial commitments to Energy Transfer Partners, the company building the Dakota Access pipeline.
An Indigenous led movement to divest from financial institutions funding the Dakota Access pipeline, and other crude oil pipelines, started in Seattle when Native activists got the City to divest $3billion from Wells Fargo due to its financing of DAPL. The movement has grown to include other cities and Tribes divesting from Banks financing DAPL.
“We have been encouraging people to drop their moral and environmental arguments with these corporations and financial institutions. All they understand is the bottom-line, they only react to that mazaska [money]. That’s why we targeted Wells Fargo [in Seattle] and continue to go after these banks, when we threaten their earnings, they re-act.” Matt Remle organizer of the Seattle campaign to divest from Wells Fargo and co-founder of Mazaska Talks
Indigenous leaders recently launched a campaign to divest all four Tar Sands pipelines
by Wakíƞyaƞ Waánataƞ (Matt Remle- Lakota)