Page 24 - ARUBA TODAY

BUSINESS Monday 15 May 2017
A25

Oil pipeline opponents try going after the money

BLAKE NICHOLSON their efforts to educate
Associated Press people about the poten-
BISMARCK, N.D. (AP) — tial effects not only on the
Opposition to the Dakota environment, but on Na-
Access oil pipeline has tive Americans.
persuaded some banks to “There’s a whole widen-
stop supporting projects ing narrative woven into
that might harm the envi- what was once an envi-
ronment or tread on indig- ronmental movement,”
enous rights, but calling the said Green, with the Di-
divest movement a suc- vestInvest initiative. “Now
cess might be a stretch. it’s much more integrated,
It doesn’t appear to be with a social justice, indig-
hurting the ability of energy enous rights focus.”
companies to get financ- In March, New York City
ing and it doesn’t seem to Comptroller Scott Stringer
concern lenders broadly. in partnership with First
Yet pipeline opponents Peoples Worldwide, an in-
see victory in the fact that digenous advocacy and
they have made financial funding group, convened
institutions more aware of an educational meeting in
indigenous rights — and Washington for global in-
they’re intent on keeping vestors with Dave Archam-
up the fight on projects bault, chairman of the
such as Keystone XL even Standing Rock Sioux, the
after failing to stop the Da- In this Nov. 17, 2016, file photo, Dakota Access pipeline protesters form a circle as they demon- tribe that started the op-
kota Access line. strate outside a Wells Fargo Bank branch in Bismarck, N.D. position to Dakota Access.
“We aren’t ignoring the Associated Press “We’re just going to con-
fact we couldn’t stop that thousands of people, op- due to its role in funding cates that finding funds tinue to build awareness
pipeline,” said Vanessa ponents also picketed Dakota Access. overall hasn’t been a prob- for companies that have
Green, a campaign direc- banks in major U.S. cities In all, the DefundDAPL lem: The company raised no regard for the environ-
tor with the DivestInvest and urged banks in Europe movement claims that di- $2.6 billion toward a $23 bil- ment, have no regard for
initiative. “There’s a battle, and even Japan to take a vestments from that project lion capital program. people, and hopefully the
and then there’s a war.” stand against the pipeline. total more than $80 million As for Wells Fargo, which companies, banks, lend-
The $3.8 billion Dakota Ac- Some did. Paris-based BNP from individuals and $4.3 lists $2 trillion in assets, it calls ers, financial institutions un-
cess pipeline from North Paribas USA, Netherlands- billion from cities. the city divestitures “sym- derstand that if you want
Dakota to Illinois will be based ING and Norway- But that didn’t stop ETP bolic” and notes that other to be socially responsible,
fully operational by June based DNB sold off their from completing the Dako- communities and tribes are not to invest in companies
1, a half-year later than shares of a Dakota Access ta Access pipeline, and the still clients. like ETP,” Archambault said
planned by Texas-based loan. company has a number of “Certainly, the protests in an interview.
developer Energy Transfer Private investor Storebrand other projects underway have had some limited Tom Sanzillo, director of fi-
Partners. and Odin Fund Manage- across the U.S. negative impact to the nance at the Institute for
The project was delayed ment, both in Norway, sold “We do not have a con- company’s reputation, Energy Economics and Fi-
by lawsuits from Ameri- shares in companies linked cern about our current or which is a shame because nancial Analysis, said that
can Indian tribes who fear to the project. Dutch bank future financing options,” it overshadows all of the while market forces ulti-
it threatens cultural sites ABN-AMRO stopped pro- ETP spokeswoman Vicki tremendous work our team mately determine industry
and drinking water, and viding credit to a parent Granado said. members and the com- practices, public opinion
months of protests by tribal company of ETP. TransCanada Corp., which pany does to support those can be a factor.
members and their sup- Pipeline opponents also is planning the $8 bil- very same communities “Market factors and public
porters. President Donald targeted cities with some lion Keystone XL pipeline and local nonprofits across opinion worked together
Trump pushed the project success, including in Se- through the central Plains, the country,” spokesman to substantially reduce the
through shortly after taking attle, where leaders in Feb- wouldn’t say whether it has Alan Elias said. market share of coal,” he
office. ruary voted to cut ties with secured the necessary fi- In the meantime, oppo- said. “You have those two
While the protests centered San Francisco-based bank- nancing. But its first-quarter nents of such projects con- factors working together,
on a camp in North Da- ing giant Wells Fargo in part 2017 financial report indi- tinue to seek to broaden that’s how change takes
kota that at times housed place.” q