The international financial services company, NN Group, announced today that four controversial pipelines companies, including Dakota Access developer Energy Transfer Partners, and 10 tar sands oil companies were added to its Exclusion List, effectively withdrawing investment in these corporations.
Greenpeace USA senior climate and energy campaigner Diana Best, said: “The NN Group’s decision sends a strong message to the financial industry that dirty fossil fuel investments threatening human rights and the climate are not worth the risk. Controversial companies like Energy Transfer have a long list of social and environmental wrongdoings that are unfortunately not going away any time soon. Plus, the new IPCC report clearly points out we need swift action to tackle climate change, so financial institutions need to follow NN Group’s example and walk away from these destructive projects now.”
The NN Group, which manages 240 billion euros, cited human rights concerns, pollution, and greenhouse gas emissions as the main reasons for its decision. Other pipeline companies added to NN’s Exclusion List are: TransCanada, Kinder Morgan, and Enbridge.
Energy Transfer Partners is expected to complete a merger with its parent company Energy Transfer Equity next week, but neither company has shown any intention to change their controversial corporate practices under the new structure.
As for Canadian tar sands, they account for about three percent of the world’s oil production. Many Indigenous Peoples, communities, and politicians in both Canada and the U.S. are opposed to those pipelines because the oil extraction process destroys primary forests, releases greenhouse gases contributing to climate change, and puts water and ecosystems at risk of oil spills as the pipelines often leak.
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Notes:
[1] Click here for the NN Group press release, or copy the following link to your browser: https://www.nn-group.com/Media/Press-Releases.htm
[2] Click here for the NN Group Exclusion list, or copy the following link to your browser: https://www.nn-group.com/In-society/Responsible-investment/Responsible-investment-policy-framework.htm
