Defund the Dakota Access Pipeline (DAPL)

Defund the Dakota Access Pipeline (DAPL)

We have a plan to bankrupt the Dakota Access pipeline Before Trump can save it. We’re demanding DAPL’s most critical funders — Citibank, TD Bank, and Wells Fargo — pull funding from the project now, and kill Energy Transfer Partners’ DAPL contracts for good.


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With Trump’s recent Executive Order to complete the construction of the Dakota Access Pipeline (DAPL) this is an all-hands-on-deck moment to bankrupt this poisonous project now.

As of January 1, 2017 the DAPL has been in breach of contract to its oil company clients and the Big Banks who are financing its construction.[1]

We can starve the DAPL of the dirty money it needs to survive. We’re demanding Citibank, TD Bank, and Wells Fargo – three of DAPL’s most critical funders – pull funding from this sinking ship now.

Why these three banks?

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Citibank has the largest financial stake in DAPL of all the 17 banks funding it. It was Citi that spearheaded the effort to collect more than $6.25 billion in credit to finance DAPL. [2, 3] Citi has also proven itself to be vulnerable to public pressure on this issue. They published a defensive statement in late November saying they had hired an “independent human rights expert” to review “various matters related to the permitting process,” including Indigenous sovereignty and environmental concerns. [4]

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TD Bank is a Canadian bank that’s put about $350 million into DAPL. It’s also the biggest hypocrite here, because of its insistent public emphasis on its “strong commitment to Aboriginal prosperity” in Canada. In 2015, TD even endorsed Canada’s Truth and Reconciliation Commission report, acknowledging atrocities committed against Indigenous First Nations Peoples. In their endorsement, TD claimed they were committed to systemic change.[5]

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Wells Fargo is another major DAPL funder, and they’ve taken some major hits because of it. The biggest hit came this month, when the City of Seattle introduced legislation to completely divest from the bank. That move will cost Wells Fargo more than $3 billion.[6] This all comes just weeks after the bank was ordered to pay $185 million in fines and $5 million in customer refunds because of a massive fraudulent account scandal.[7] Those kinds of PR and financial losses makes Wells Fargo highly vulnerable to public pressure.

Trump and his Big Oil Corporate Cabinet are pulling out all the stops to bring the DAPL back to life. So we have to pull out all the stops to kill it for good by starving it to death. Leadership and laws change all the time, but one thing is certain here: no money means no DAPL. Join us in demanding these key banks pull all DAPL funding immediately.

Sources

  1. https://democracynow.org/2016/12/5/financial_disaster_could_dakota_access_pipeline
  2. https://www.democracynow.org/2016/9/9/who_is_funding_the_dakota_access
  3. http://www.foodandwaterwatch.org/news/who%27s-banking-dakota-access-pipeline
  4. https://blog.citigroup.com/2016/11/our-statement-on/
  5. https://www.td.com/document/PDF/corporateresponsibility/td_cr_aboriginal_report_en.pdf
  6. https://indiancountrymedianetwork.com/news/native-news/city-seattle-dumps-wells-fargo-dapl/
  7. http://money.cnn.com/2016/09/08/investing/wells-fargo-created-phony-accounts-bank-fees/

Kelly Mears

Kelly is the Technical Director of Other98.

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