Six banks step away from Dakota Access Pipeline (DAPL) and backers
In February 2017, ABN AMRO, ING, BayernLB and Nordea all announced they would step away from financing either the project or its backers. In March, ING became the first bank to sell its portion of a project loan supporting the pipeline. This was followed by DNB and by BNP Paribas selling on their shares of the loan. The buyers are unknown.
- ABN AMRO announced that it will end its financing for Energy Transfer Equity (ETE) if the Dakota Access Pipeline (DAPL) is constructed without the consent of the Standing Rock Sioux tribe, or if further violence is used. The Dutch Fair Finance Guide, Greenpeace Netherlands and BankTrack welcome the decision of ABN AMRO, and call on other banks, including ING in the Netherlands, to follow this example and end all outstanding finance to the pipeline and the companies behind it if no agreement is reached with the Sioux Tribe about the pipeline. Read our news announcement here.
- Nordea’s team for Responsible Investments recommended an exclusion of the three companies behind the Dakota Access Pipeline. The three companies in question are Energy Transfer Partners, Sunoco Logistics and Philips 66. Nordea has sought a dialogue with the three companies behind the pipeline about an alternative route. The companies declined any form of dialogue with Nordea. Read the bank's press release here.
- BayernLB stated it will withdraw from financing DAPL at the earliest opportunity, and not provide further finance. Campaigner Andrea Marcos said, “As a result of public pressure, Bavarian owned public bank Bayern LB will divest $120 million from the Dakota Access Pipeline. The Landesbank met in a private financial meeting on Thursday and announced that they will divest. They are currently in the process of making an exit plan. The larger context is that the bank is in process with the government, being a gov-owned bank, and the gov called them to a meeting to discuss the investment in DAPL, and they collectively have decided to divest.” Read more
- ING announced the sale of its USD 120 million share of loan debt to DAPL. ING already dumped its shares in the DAPL project companies earlier this year, and decided to sell the loan debt after engagemnent with the Standing Rock Sioux Tribe. The bank has also committed to advocate for Indigenous rights in future project financing. See here for BankTrack's reaction.
- DNB, Norway's biggest bank, reported that, after reviewing various options for its involvement in the project financing of the Dakota Access Pipeline, the bank had entered into an agreement to sell its share of the loan (see press release DNB). The bank had previously announced in November 2016 that it has sold holdings worth around $3 million (26 million kroner) in companies involved in the construction of the pipeline. (thelocal.no)
- BNP Paribas also sold its shares in the loan to DAPL in April. Representatives from the bank contacted the Standing Rock Sioux Tribe to share the news in April 2017. Read more.