Norwegian Bank DNB Considering Cutting Funding of Dakota Access Pipeline


November 08, 2016, Headlines

The proposal to reroute the Dakota Access comes as the billion-dollar project, spearheaded by Dallas-based Energy Transfer Partners, is facing increasing pressure from the banks funding its construction. On Sunday, the Norwegian bank DNB announced it’s considering withdrawing its funding amid concerns about human rights violations against the Standing Rock Sioux Tribe in North Dakota. DNB, which is Norway’s largest bank, is responsible for financing up to 10 percent of pipeline. This comes as Citigroup told The New York Times it also has raised concerns about the project with Energy Transfer Partners, although the bank has not yet said whether it will withdraw its funding. Citigroup is playing a major role as both a financer of the project and the loan agent. Lindsey Allen of the Rainforest Action Network said, “Citibank’s leading role in financing the pipeline makes it complicit in gross violations of Indigenous and human rights.”

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s