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BUSINESS                 Monday 15 May 2017
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                      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
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