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Indigenous Groups Lead Movement to Call on Banks to Drop Enbridge’s Controversial Line 3 Pipeline
Tribal Nations based in Minnesota oppose the project and the Minnesota Department of Commerce has condemned it
DNBNorway
Created before Nov 2016
Last update: 2017-09-01 10:58:31
Johan Frijns, BankTrack
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About DNB
DnB head offices in Oslo. Photo: Google Earth/StreetviewDNB, founded in 1822, is Norway’s largest financial services group. The Group consists of brands such as DNB, Vital, Nordlandsbanken, Cresco, Postbanken, DnB NORD and Carlson. The group's activities are primarily focused on Norway. It is one of the world's foremost shipping banks and an international player in the energy sector and the fisheries and seafood industry. At the end of 2016 DNB controlled assets worth NOK 2.653 trillion.
| Website | https://www.dnb.no/en |
| Headquarters |
Dronning Eufemias Gate 30
0191 Oslo
Norway
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| CEO/chair |
Rune Bjerke Group Chief Executive |
| Supervisor | |
| Annual report | Integrated annual report 2016 |
| Ownership |
listed on Oslo Stock Exchange & Stockholm Stock Exchange
State-owned (34%) and Public shareholders |
Related Dodgy Deals
DNB has been linked to the following "Dodgy Deals", e.g. as a current or past financier or through an expression of interest. Find out more about dodgy deals here. See the project or company profile for more details on the nature of the bank's link to the Dodgy Deal.
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Links
Policies
Voluntary initiatives
DNB has committed itself to the following voluntary standards:- Carbon Disclosure Project
- Dow Jones Sustainability Indices
- Equator Principles
- Extractive Industries Transparency Initiative
- Global Reporting Initiative
- ISO 14001
- OECD Guidelines for Multinational Enterprises
- Principles for Responsible Investment
- UN Guiding Principles on Business and Human Rights
- UNEP Finance Initiative
- United Nations Global Compact
Investment policies
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Issues
DNB and the Equator Principles
The Equator Principles are a voluntary commitment of banks to try to avoid or minimise the social, environmental and human rights impact of projects they finance. For more information on the Equator Principles see their website here and the campaign page of BankTrack here.
The Equator Principles exist already since 2003. DNB adopted the Equator Principles in 2009.
Reporting on the Equator Principles
DNB must report annually on its implementation of the Equator Principles. All information is supposed to be found here.
- DNB is in compliance with its reporting obligations. The 2015 report can be found here.
Dodgy Deals
DNB is involved in financing the following Equator Principles projects that BankTrack considers controversial.
Equator Principles
Implementation and reporting
DNB is reporting on the implementation here.
Contact and complaints
Equator Principles Dodgy Deals
Good moves
Year:
2017
DNB has sold its part of DAPL loan
Since November 2016, DNB has reviewed various options for its involvement in the project financing of the Dakota Access Pipeline. The bank has now entered into an agreement to sell its share of the loan (source press release DNB).
Six banks step away from Dakota Access Pipeline (DAPL) and backers
In February ABN AMRO, ING, BayernLB and Nordea all announced they would step away from financing either the project or its backers. ABN AMRO committed to end its financing for Energy Transfer Equity (ETE) if the pipeline proceeds without consent from the Standing Rock Sioux or with further violence. Nordea excluded three companies behind the Dakota Access Pipeline from investment. BayernLB stated it will withdraw from financing DAPL at the earliest opportunity, and not provide further finance. 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.
2016
DNB sells stakes in companies involved in Dakota Access Pipeline over indigenous rights concerns
Norway's biggest bank announced in November 2016 that it has sold its stakes in companies that are involved in the construction of the Dakota Access Pipeline. DNB’s holdings were worth around $3 million (26 million kroner). Additionally, DNB is reconsidering three separate loans it has made to help finance the pipeline. Read more.