Who Are the Dirty Dozen Banks?
by Diana Best
May 14, 2018
Who are the Dirty Dozen banks, and why is Greenpeace putting them on a global petition to supporters worldwide?
© Ian Willms / Greenpeace
Greenpeace is asking these banks to make stronger commitments when it comes to the financing of tar sands pipelines. For some, that means taking the obvious step of committing to not provide money specifically to build any of the proposed tar sands pipelines. For others who have already taken that step, it means making the next necessary move and committing to not provide any financial services that might help finance the building or operation of any of the tar sands pipelines. All these banks have room for improvement.
They are all banks that in one way or another have financial relationships with tar sands pipelines projects, related pipeline companies, and/or Energy Transfer Partners (ETP), the company behind the Dakota Access Pipeline (DAPL).
In addition to loans to tar sands pipeline companies or related companies, each of these banks has provided and/or arranged loans to ETP and related companies. Some continue to remain in the DAPL project loan, despite the controversies relating to the events at Standing Rock. Others stayed out of the project loan but continue to finance the company. We are pushing these banks to end their financial relationship with ETP and relevant subsidiaries.
Why are tar sands pipelines and Energy Transfer Partners bad news? We’re glad you asked — see here for more details.
Summary of Our Asks to the Dirty Dozen Banks:
Tar Sands Pipelines:
As providers of finance to Kinder Morgan, TransCanada, and/or Enbridge (including their subsidiaries), the firms constructing the TransMountain Expansion Project (TMEP), Keystone XL (KXL), and Line 3 respectively, we believe that these banks should:
- Sell their existing stake in all or confirm that they will not participate or arrange the renewal of any of the existing credit facilities provided to each of Kinder Morgan, TransCanada, and Enbridge (and/or their subsidiaries) if such facilities may be used, directly or indirectly, to finance the construction, expansion, or operation of tar sands pipelines; and
- Confirm that they will neither participate in, arrange, nor underwrite any future credit facilities to or any issue of securities by, those companies or their subsidiaries which may be used, directly or indirectly, to finance the construction, expansion, or operation of tar sands pipelines.
- These financial institutions should review their overall financial exposure to tar sands companies – including via pipeline companies – and take steps to ensure the compatibility of their lending and investment policies and practices for such companies with:
- the prudent mitigation of climate risk and the ambitions of the Paris Agreement;
- and international best practice on human rights.
ETP continues to pose a threat to Indigenous sovereignty, human rights, the environment, and our climate. As such, we strongly believe that each of these banks should:
- End their current financial relationship with ETP and related companies
- Not provide any further financial services, including loans to such companies
- And, if applicable, sell any existing stake in the DAPL project loan as a number of its peers have already done
The Dirty Dozen includes:
Royal Bank of Canada
Bank of Tokyo Mitsubishi
(* Please note that these banks have specific asks)
Disclaimer: All information is based on best-available data from Bloomberg terminal (updated May 2018), U.S. Securities Exchange Commission filings, and other publicly available documents. Every effort has been made to accurately reflect each bank’s position within these companies.