Another bank moves away from funding tar sands pipelines
2 November 2017 (TORONTO) – In a press release MN350 and Honor the Earth made public that US Bank was ending its credit relationship with Enbridge, the company seeking to construct a new tar sands pipeline, Line 3.
Responding to the news, Greenpeace Canada Oil Campaigner Alex Speers-Roesch said:
“We welcome the news that US Bank will be ending its credit relationship with Enbridge. This is a testament to the diligent work of Indigenous land and water defenders, environmental groups, concerned citizens and everyone advocating for reform within the financial sector. Financial institutions are increasingly recognizing the significant reputational and financial risks posed by pipelines. There’s a growing awareness that fossil fuel projects that are incompatible with the goals of the Paris Agreement and do not have consent from Indigenous nations make for risky business ventures. It’s time that banks like TD and Desjardins, that stake their reputations on being socially responsible, live up to the values they claim to represent and stop funding tar sands pipelines.”
This news from US Bank follows a series of similar actions by other large financial institutions earlier this year. French bank BNP Paribas announced it would no longer fund tar sands projects or companies, Dutch bank ING confirmed that its oil sands policy excludes financing tar sands pipelines and Sweden’s largest pension fund, AP7, announced that it will divest from TransCanada on the grounds that its proposed pipelines in Canada and the US were incompatible with the Paris Agreement. Earlier this year US Bank announced it would not provide direct project financing for oil and gas pipelines, and today’s news builds on this commitment.
2 November 2017 (TORONTO) – In a press release MN350 and Honor the Earth made public that US Bank was ending its credit relationship with Enbridge, the company seeking to construct a new tar sands pipeline, Line 3.
Responding to the news, Greenpeace Canada Oil Campaigner Alex Speers-Roesch said:
“We welcome the news that US Bank will be ending its credit relationship with Enbridge. This is a testament to the diligent work of Indigenous land and water defenders, environmental groups, concerned citizens and everyone advocating for reform within the financial sector. Financial institutions are increasingly recognizing the significant reputational and financial risks posed by pipelines. There’s a growing awareness that fossil fuel projects that are incompatible with the goals of the Paris Agreement and do not have consent from Indigenous nations make for risky business ventures. It’s time that banks like TD and Desjardins, that stake their reputations on being socially responsible, live up to the values they claim to represent and stop funding tar sands pipelines.”
This news from US Bank follows a series of similar actions by other large financial institutions earlier this year. French bank BNP Paribas announced it would no longer fund tar sands projects or companies, Dutch bank ING confirmed that its oil sands policy excludes financing tar sands pipelines and Sweden’s largest pension fund, AP7, announced that it will divest from TransCanada on the grounds that its proposed pipelines in Canada and the US were incompatible with the Paris Agreement. Earlier this year US Bank announced it would not provide direct project financing for oil and gas pipelines, and today’s news builds on this commitment.
Greenpeace recently published a report for banks and investors outlining the financial and reputation risks that they could face in arranging and providing finance for companies intending to build tars sands pipelines.
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Media Contacts:
Jesse Firempong, Greenpeace Canada, 778-996-6549, [email protected]
Loujain Kurdi, Greenpeace Canada, 514-577-6657, [email protected]