BANKS DODGY DEALS CAMPAIGNS
Sections
Banks Dodgy Deals Campaigns
Our campaigns
Banks and Climate
Banks and Human Rights
Banks and Nature
Our projects
Tracking the NZBA
Banks and Russia
Banks and Steel
Tracking the Equator Principles
Tracking the PRBs
Find a Better Bank
Banks and the OECD Guidelines
Media
News Publications
Raiffeisen Out! Bank.Green End Coal Finance Plastic Banks Tracker Defund TotalEnergies Financial Exclusions Tracker Equator-Complaints.Org Don't Buy into Occupation Banks & Biodiversity Forests & Finance Drop JBS StopEACOP Fossil-Free Finance
BankTrack
About BankTrack Organisation Our team Our board Our annual reports Funding and finances Guiding principles Our history BankTrack in the media Team up with us Our privacy policy Donate Visit us
Successes Contact BankTrack
Donate Mailing list Facebook Twitter Linkedin Login
Home › Dodgy Deals ›
Dodgy Deal
Atlantic Coast PipelineUnited States

Project – On record

This profile is no longer actively maintained, with the information now possibly out of date
Profile by:
BankTrack
Contact:

climate@banktrack.org

Last update: 2020-07-06 11:52:53
Through Blue Ridge Parkway, Virginia planned route of ACP. Photo: Famartin via Wikimedia (CC BY-SA 4.0)

Project – On record

This profile is no longer actively maintained, with the information now possibly out of date
Profile by:
BankTrack
Contact:

climate@banktrack.org

Last update: 2020-07-06 11:52:53
Why this profile?

What must happen

In April of 2019, over 100 groups released a letter calling on Bank of America to cease their financing for the Atlantic Coast Pipeline. All other private banks linked to the project must likewise terminate their investments while the damage to local people's livelihoods and the environment is still minimal.

About
Sectors Pipeline Transportation of Natural Gas
Location
Status
Planning
Design
Agreement
Construction
Operation
Closure
Decommission
Website https://atlanticcoastpipeline.com/
This project has been identified as an Equator Project

The Atlantic Coast Pipeline (ACP) is a planned 600-mile natural gas pipeline that would run from West Virginia through North Carolina in the United States. The ACP is being developed by four US energy companies: Dominion Energy, Duke Energy, Piedmont Natural Gas and Southern Company Gas. Dominion Energy and Duke Energy are the biggest shareholders, owning 48% and 47% repectively (Public Accountability). The pipeline is designed to transport 1.5 billion cubic feet of gas per day. The costs of building the pipeline are estimated at USD 5.1 billion.

Impacts

Social and human rights impacts

Impact on communities The Atlantic Coast Pipeline is being built through low-income counties of Eastern North Carolina, and will disproportionately impact African American, Native American and poor communities, where racial and socioeconomic marginalization is occurring on a large scale. Critics say the pipeline risks becoming “a poster child for environmental racism”;  civil rights organization the National Association for the Advancement of Coloured People (NAACP) points out that this follows a long history of communities of color bearing heavy environmental burdens placed on them by the oil and gas industry. Communities on the route face serious health issues as a result of toxic pollution from industrial facilities, such as compressors along the pipeline route. In a 2016 report, Clean Water for North Carolina found that compressors on gas pipelines emit volatile organic compounds that are associated with health issues such as higher risks of cancer, birth defects and sinus problems. The closer people live to the compressors, the higher the risk of problems.

Since the beginning of the project, Indigenous people have led protests against the companies behind the pipeline for downplaying and ignoring their concerns. Families that have been resident in the affected areas for hundreds of years claim to have been misled by letters that did not sufficiently inform them about the project's purpose and impacts.

Federal court appeal Eightteen organisations and groups, including several indigenous tribes, have joined a federal court appeal by the Southern Environmental Law Centre. They state that FERC “made a mockery of the legal process," since they allowed Duke and Dominion to supplement their application for approval of the pipeline after the comment period had ended. The public was given no chance to respond. The issue has been passed on to the Economic and Social Council of the United Nations (ECOSOC) in Geneva, Switzerland, which will determine if international human rights law is being violated.

Minimal permanent jobs ACP claims that the project will bring jobs to the states through which the pipeline would run. However, ABR Alliance argues that the people hired to construct the pipeline would mostly not be local residents, but rather workers from outside the area (Allegheny-Blue Ridge Alliance). They argue that the permanent jobs created would be minimal compared to the permanent jobs lost due to disruption of business in other industries, particularly to tourism.


Environmental and climate impacts

Greenhouse gas emissions A 2017 report from Oil Change International and BOLD Alliance estimated the annual greenhouse gas emissions caused by the Atlantic Coast Pipeline to be almost 68 million metric tons - equivalent to the pollution of 20 average US coal plants or over 14 million passenger vehicles. These emissions come from the combustion of the gas carried by the pipeline, the emission from methane (a gas with much more severe climate impacts than CO2) which inevitably leaks throughout the gas supply chain, emissions from gas extraction, compression and processing. The expansion of pipeline capacity will enable and incentivize the production of fracked gas, with grave impacts for the local communities near fracking wells and the climate more generally. The loss of forest cover (as a result of tree-clearing for the pipeline) may also contribute to the pipeline’s climate impact.

Impact on ecosystems In addition to its climate impacts, ACP would be disastrous for one of the United States' most important ecosystems. The route is set to cross the iconic Appalachian trail, horrifying those concerned with the beloved national park. Advocates highlight dangers to threatened bees, birds and bats along with other precarious species. A soil evaluation report commissioned by pipeline opponents argued that the project’s proponents are dramatically understating the potential for landslides and soil erosion. Along 38 miles of Appalachian ridgelines, between 10 and 60 feet of the mountains will be blasted and excavated to make way for the ACP. This will cause irreparable damage to ancient ridgelines, threaten mountain waterways and clog mountain roads with dump trucks taking at least 247,000 trips carrying excavated earth.


Other impacts

Lobbying In a report from 2016, the Public Accountability Initiative outlined the anti-democratic elements of the pipeline’s approval, including “an army of revolving door lobbyists,” “conflicts of interests at regulatory agencies,” and politicians support for industry in the context of receiving massive donations. Coverage in 2019 noted that the companies involved have spent over USD 109 million lobbying federal lawmakers and officials since the project was announced.

Financiers

Thirty-two banks have credit agreements with Dominion Energy and/or Duke Energy (of which 18 have agreements with both)

A credit agreement was signed in October, 2017 between Atlantic Coast Pipeline and a consortium of banks to finance approximately 50 percent of the USD 6 billion+ construction costs. Bank of America and JPMorgan Chase were Lead Arrangers and Bookrunners for the loan, details of which can be found in this Oil Change International research from April 2018.

Institution type
Finance type
Year
Companies

Dominion Energy

United States
Website

Duke Energy

United States
Website

Piedmont Natural Gas Company

United States
Website

Southern Company

United States
Website
No companies
Governance
Norms & standards

Applicable norms and standards

Equator Principles
United Nations Declaration on the Rights of Indigenous Peoples
News
BankTrack
Partners
Blog
External
BankTrack news BankTrack blog Partner news Partner blog

‘Wilful Ignorance’: Indigenous Delegation incredulous at bankers’ attitude to fossil fuel impacts

US and Mexican activists fighting new oil and gas projects said they had to give a basic lesson on the harm caused by fracking during meetings with financiers in London
2022-11-04 | DeSmog
Blog
BankTrack news BankTrack blog Partner news Partner blog

New report: Indigenous resistance disrupts billions of tons of greenhouse gas emissions annually

2021-09-01 | Indigenous Environmental Network, Oil Change International
BankTrack news BankTrack blog Partner news Partner blog

Energy companies cancel construction of Atlantic Coast Pipeline

2020-07-06 | CNN
Blog
BankTrack news BankTrack blog Partner news Partner blog

Big Banks Face Fossil Fuel Resistance at Annual Meetings

Guest blog by Ben Cushing, Campaign Representative Beyond Dirty Fuels
2018-06-07 | Ben Cushing, Sierra Club
Blog
BankTrack news BankTrack blog Partner news Partner blog

Atlantic Coast Pipeline Opponents Rally Outside Bank of America Shareholder Meeting in Charlotte

Crowd calls on Bank of America to drop financing for fossil fuels
2018-04-25 | United States | Sierra Club
Blog
BankTrack news BankTrack blog Partner news Partner blog

Bank of America leads finance for Atlantic Coast Pipeline

The abuses, risks and climate pollution of the Atlantic Coast Pipeline have a clear set of financiers, led by the nation’s largest commercial bank, Bank of America.
2018-04-18 | Oil Change International
BankTrack news BankTrack blog Partner news Partner blog

FERC issues notice for Atlantic Coast Pipeline construction to commence

2018-04-12 | United States | WVNews
BankTrack news BankTrack blog Partner news Partner blog

Regulatory board cracks open door for more review of pipeline projects

2018-04-12 | United States | The Roanoke Times
BankTrack news BankTrack blog Partner news Partner blog

Did the GOP 'raid' the Atlantic Coast Pipeline fund? PolitiFact checks Democrats' ads

2018-03-27 | The News & Observer
BankTrack news BankTrack blog Partner news Partner blog

North Carolina tribes fear impact of Atlantic Coast Pipeline construction

Left out of the formal permitting process, North Carolina’s Lumbee Tribe and others seek a voice before pipeline construction crosses their land and waters.
2018-03-21 | Energy News
BankTrack news BankTrack blog Partner news Partner blog

Atlantic Coast Pipeline cited for tree-cutting violations

2018-03-21 | Kallanish Energy
BankTrack news BankTrack blog Partner news Partner blog

Atlantic Coast Pipeline can't enter some private properties, federal judge says

2018-03-21 | The News & Observer
BankTrack news BankTrack blog Partner news Partner blog

Documents reveal Dominion's immense outreach on Atlantic Coast Pipeline

2018-03-08 | Richmond Times Dispatch
BankTrack news BankTrack blog Partner news Partner blog

Lumbees tell their side in Atlantic Coast Pipeline documentary

Opponents of the Atlantic Coast Pipeline have created a mini-documentary, "Robeson Rises" about their opposition to the 600-mile interstate natural gas line.
2018-03-01 | The News & Observer
BankTrack news BankTrack blog Partner news Partner blog

Atlantic Coast Pipeline gets another NC permit; one more to go

2018-02-27 | The News & Observer
BankTrack news BankTrack blog Partner news Partner blog

NRDC Report: Threats to Water Quality from Mountain Valley Pipeline and Atlantic Coast Pipeline Water Crossings in Virginia

2018-02-26 | NRDC
BankTrack news BankTrack blog Partner news Partner blog

Monday numbers – a closer look at the controversial Atlantic Coast Pipeline

http://www.ncpolicywatch.com/2018/02/05/monday-numbers-closer-look-controversial-atlantic-coast-pipeline/
2018-02-05 | NC Policy Watch
BankTrack news BankTrack blog Partner news Partner blog

Local & National Groups Team Up To Host “No Pipelines” Training Camp

Activists come together for No Pipelines training in Virginia
2017-09-19
Resources
Documents
Images
Links
2017-12-31 00:00:00

New data: Atlantic Coast Pipeline would trigger extensive mountain removal

NGO document
2017-12-31 00:00:00 | Allegheny-Blue Ridge Alliance, Appalachian Mountain Advocates, Chesapeake Climate Action Network, Dominion Pipeline Monitoring Coalition, Friends of Nelson
2017-12-31 00:00:00

Stop the proposed Atlantic Coast Pipeline

NGO document
2017-12-31 00:00:00 | Sierra Club
2017-02-28 00:00:00

The Atlantic Coast Pipeline: Greenhouse gas emissions briefing

NGO document
2017-02-28 00:00:00 | Oil Change International
2016-02-29 00:00:00

Economic Costs of the Atlantic Coast Pipeline

Effects on Property Value, Ecosystem Services, and Economic Development in Western and Central Virginia
NGO document
2016-02-29 00:00:00 | Highlanders for Responsible Development; Augusta County Alliance; Friends of Nelson County; Friends of Buckingham, Virginia; Yogaville Environmental Solutions
2017-06-01 00:00:00

The power behind the pipelines: Atlantic coast pipeline

NGO document
2017-06-01 00:00:00 | Public Accountability Initiative

Protest against the ACP

2018-04-23
Protest against the ACP

Allegheny-Blue Ridge Alliance

Protecting the heritage, resources and economy of the Allegheny-Blue Ridge region

The Power Behind the Pipelines: Atlantic Coast Pipeline

Report by Public Accountability Initiative

Wild Virginia: Atlantic Coast Pipeline

Website overviewing where the ACP process now stands

Sound Rivers

Sound Rivers is a private nonprofit organization that guards the health and beauty of North Carolina's rivers, protesting against ACP.

Robeson Rises

As a proposed pipeline threatens to disrupt communities and ecosystems across North Carolina, a group of diverse activists rises up to challenge construction. The new film Robeson Rises documents their journey.

Pledge to resist the ACP & MVP pipelines

Newspaper The Appalachian Voice

Appalachian Voices is working with citizens, community groups and state and national organizations to raise concerns, oppose the expansion of fracking and gas infrastructure in their region, and continue advocating for swift and significant investments in clean energy.

Updates

2020

2020-07-06 00:00:00 | Energy companies cancel construction of Atlantic Coast Pipeline

Dominion Energy and Duke Energy have canceled their Atlantic Coast Pipeline project, a natural gas pipeline that was to stretch hundreds of miles across West Virginia, Virginia and North Carolina, citing "legal uncertainty." (CNN).

Send feedback on this profile
Sections
Banks Dodgy Deals Campaigns
Our campaigns
Banks and Climate Banks and Human Rights Banks and Nature
Our projects
Tracking the NZBA Banks and Russia Banks and Steel Tracking the Equator Principles Tracking the PRBs Find a Better Bank Banks and the OECD Guidelines
Media
News Publications
Raiffeisen Out! Bank.Green End Coal Finance Plastic Banks Tracker Defund TotalEnergies Financial Exclusions Tracker Equator-Complaints.Org Don't Buy into Occupation Banks & Biodiversity Forests & Finance Drop JBS StopEACOP Fossil-Free Finance
BankTrack
About BankTrack Organisation Our team Our board Our annual reports Funding and finances Guiding principles Our history BankTrack in the media Team up with us Our privacy policy Donate Visit us
Successes Contact BankTrack
Vismarkt 15
6511 VJ Nijmegen
The Netherlands
Contact@banktrack.org
Donate Mailing list Facebook Twitter Linkedin
©2023 BankTrack
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