Jul 3, 2017 - Dutch Bank ING States it Will Not Fund Tar Sands Pipelines
July 2nd, 2017 – In response to a letter sent by a coalition of Indigenous activists, grassroots organizations and environmental groups the Dutch based bank ING has stated that they will not invest in four recently approved Canadian Tar Sands pipelines.
ING states, “Oil sands, also known as tar sands or bituminous sands, are composed of a tar-like substance that is processed into oil.
Processing oil sands is known to be energy intensive, producing significant greenhouse gas emissions, contaminating water and impacting land through its substantial surface mining activities. This is in addition to potential social impacts, such as on the local native tribes historically using the land.
ING does not engage in transactions that are directly linked to the mining, exploration, transportation and processing of oil sands. As a result of our policy (in place since December 2012) we won’t finance the following oil pipe projects: TransMountain pipeline, Keystone XL, Energy East or Line 3.”
In it’s letter to finical institutions, the coalition urged, “In order to future-proof against involvement in these controversial, climate wrecking pipelines, as well as the massively destructive extraction projects that feed them, we urge you to exit completely from the tar sands sector. Additionally, we call on you to adopt, as part of your project and general corporate financing policies, a requirement to obtain and document the free, prior and informed consent of impacted communities, especially Indigenous communities. These are crucial steps to align your institutions with a stable climate and respect for Indigenous rights.”
Matt Remle (Lakota) editor of Last Real Indians, co-founder of Mazaska Talks[both part of the coalition], and organizer of Seattle’s divestment campaign against Wells Fargo, stated, “We applaud the decision by ING to not finance these Tar Sands pipelines. We’ve repeatedly stated that divestment is the next phase in the fight against these Unci Maka [Mother Earth] destroying projects. We will not only continue to pressure financial institutions to not invest in projects like these, but we will continue to get our Tribe’s and cities to divest from banks funded ecocide and push for a reinvestment into our communities, Tribes and future generations.”