Banks| Policies| Dodgy Deals| Campaigns
About us| Blog| Publications| Successes| Contact us| Donate
About BankTrack
Visit us
Organisation
Our team
Our board
Guiding principles
Team up with us
Jobs at BankTrack
Our annual reports
Funding and finances
History
BankTrack in the media
Our privacy policy
Donate
2023-01-23 00:00:00
Berta Cáceres: new rules for banks could help stop defender killings
2023-01-16 00:00:00
In the balance: Why European due diligence legislation must cover financial services
2022-12-08 00:00:00
Exposed: Western banks funding Qatar’s carbon bombs
2022-12-08 00:00:00
Right-wing attack on sustainable finance is the latest form of climate denial
2022-12-14 11:08:26
HSBC announces it will no longer finance new oil and gas fields
2022-10-13 15:56:39
More major banks and insurers refuse to support EACOP
2022-09-16 10:38:48
European Parliament passes emergency resolution against human rights violations & environmental threats linked to EACOP
2022-06-27 09:49:16
Crédit Agricole takes first step to phase out from the oil and gas sector
Connect
2022-11-22 00:00:00
Banking on Thin Ice: Two years in the heat
2022-11-17 00:00:00
BankTrack Global Human Rights Benchmark 2022
2022-10-21 00:00:00
Burning forests in the name of clean energy? How banks are failing to exclude the harmful wood biomass industry from finance
2022-06-28 00:00:00
The East African Crude Oil Pipeline (EACOP): Finance Risk Update No. 3
2022-04-05 00:00:00
The BankTrack Human Rights Benchmark Asia
2022-03-30 00:00:00
Banking on Climate Chaos 2022
See all publications
Browse
Home
Banks
Policies
Dodgy Deals
Campaigns
About
About BankTrack
Donate
Contact BankTrack
Publications
Victories
Follow Us
News
BankTrack blog
Facebook
Twitter Fossil Banks No Thanks Twitter Fossil Banks No Thanks Instagram
Affiliate Websites
Fossil Banks No Thanks
StopEACOP
Forests & Finance
Banks & Biodiversity
Drop JBS
Bank of Coal
Don't Buy into Occupation
Home › News
JPMorgan Chase, Wells Fargo and Crédit Agricole warned not to finance tar sands pipeline companies
Bank clients Enbridge and TransCanada have failed to secure Free, Prior and Informed Consent of Indigenous communities
Start
Banks
Dodgy Deals

By: Rainforest Action Network
2018-10-09
San Francisco, USA

Share this page:

Go to:
Start
Related Banks
Related Dodgy Deals

Today, on Indigenous People’s Day, Honor The Earth, Rainforest Action Network, Sierra Club, 350 Seattle, Friends of the Earth France and others launched a campaign calling on JPMorgan Chase, Wells Fargo and French bank Crédit Agricole to end their participation in credit lines of nearly $4 billion dollars associated with Indigenous rights violations with major tar sands pipeline companies Enbridge and TransCanada. The broad coalition of Indigenous and environmental groups kicked off the campaign by delivering an open letter to the banks. This presents an escalation in national efforts to hold banks accountable for environmental and human rights impacts stemming from the funding of major fossil fuel infrastructure projects.

The warning letter urges banks to avoid the reputational and financial risk of supporting Enbridge, the company behind the controversial Line 3 pipeline, which is incompatible with achieving the goals of the Paris Climate Agreement and respecting human rights, especially those detailed in the U.N. Declaration on the Rights of Indigenous Peoples.

As with the Dakota Access Pipeline (DAPL) — a highly controversial project constructed without the Free, Prior, and Informed Consent of the Standing Rock Sioux Tribe — both the Line 3 and Keystone XL pipelines pose a grave threat to Indigenous rights. Neither Enbridge nor TransCanada has secured the Free, Prior and Informed Consent of all the tribes on the route of their projects. The Mille Lacs, White Earth, and Red Lake tribes in Minnesota, whose lands would be crossed by Line 3, are fighting the project in the courts, while Indigenous-led grassroots opposition is fighting Line 3 on the ground.

With $1.48b of Enbridge’s credit facilities set to expire on the same day that the Equator banks are meeting to discuss environmental and social risk management and revision of the Equator Principles, the coalition is urging the banks to heed the lessons learned from Energy Transfer Partners’ DAPL and Kinder Morgan’s Trans Mountain Pipeline and decline any renewed involvement.

Statements:

Tara Houska, National Campaigns Director at Honor The Earth said: “Enbridge has the only fully approved, fully funded major tar sands line in North America. It is a 1/3 owner in Dakota Access, and therefore a 1/3 owner in the UN-documented brutality on unarmed people that took place in Standing Rock. Enbridge now wants to slam almost one million barrels of tar sands per day through my people’s treaty territory and sacred wild rice, against the will of the tribes and people. No bank with even the most basic respect for human rights should be funding this company. Stop funding cultural genocide.”

Ruth Breech, Senior Climate and Energy Campaigner at Rainforest Action Network said: “Banks have a choice, and we’re telling JPMorgan Chase, Wells Fargo and Crédit Agricole loud and clear that they need to back off. Any bank that decides to renew credit with Enbridge and Transcanada will be implicated in Indigenous rights abuses and will knowingly add fuel to the fire of climate chaos. They won’t be able to claim that they didn’t have all the relevant information.”

Kelly Martin, Director of the Sierra Club’s Beyond Dirty Fuels Campaign said: “Dirty tar sands pipelines like Keystone XL and Line 3 would be disastrous for our communities and our climate, and any bank that’s helping fund the companies behind these projects are complicit in the damage they cause. Wells Fargo and other banks must stop supporting these dangerous projects and instead commit to investing in a future that benefits our communities, our economies, our health, and our planet.”

Alec Connon, 350 Seattle's Fossil Fuel Financing Campaign Director said: “It's morally unacceptable to profit from the destruction of our planet and the abuse of Indigenous Peoples' sovereign rights ― and that's what banks like JPMorgan Chase and Wells Fargo are doing when they fund the Line 3 and Keystone XL pipelines.”

Lorette Philippot, Private Finance Campaigner at Friends of the Earth France said: “As soon as next week, Crédit Agricole, JPMorgan Chase and Wells Fargo will have two options: refusing to renew their credit lines to Enbridge and make their actions consistent with their own policies and discourses; or renewing these supports and once again internationally appear as banks trampling on human rights. We call on them to get on the right side of history.”

Go to:
Start
Related Banks
Related Dodgy Deals

Related banks

Crédit Agricole France

active

JPMorgan Chase United States

active

Wells Fargo United States

active
Go to:
Start
Related Banks
Related Dodgy Deals

Related Dodgy Deals

Projects

active

Line 3 Replacement Pipeline United States

Pipeline Transportation of Crude Oil
There are no projects active for this item now.
on record

Keystone XL pipeline United States

Pipeline Transportation of Crude Oil

Companies

There are no companies active for this item now.
on record

Enbridge Canada

Oil and Gas Extraction | Pipeline Transportation of Crude Oil | Pipeline Transportation of Natural Gas
on record

TC Energy Canada

Pipeline Transportation of Crude Oil | Pipeline Transportation of Natural Gas
Browse
Home
Banks
Policies
Dodgy Deals
Campaigns
About
About BankTrack
Donate
Contact BankTrack
Publications
Victories
Follow Us
News
BankTrack blog
Facebook
Twitter Fossil Banks No Thanks Twitter Fossil Banks No Thanks Instagram
Affiliate Websites
Fossil Banks No Thanks
StopEACOP
Forests & Finance
Banks & Biodiversity
Drop JBS
Bank of Coal
Don't Buy into Occupation
Vismarkt 15
6511 VJ Nijmegen
The Netherlands

Tel: +31 24 324 9220
Contact@banktrack.org
©2016 BankTrack                Webdesign by BankTrack and EASYmind
BankTrack is a registered charity in the Netherlands (ANBI) - RSIN 813874658
Find our privacy policy here

Stay up to date

Sign up now for all BankTrack's news


Make a comment

Your comment will be reviewed, before being posted