Cannon Ball, N.D. — On March 26, 2017, Norway’s DNB Bank announced that it entered an agreement to sell its share of the loan to the Dakota Access Pipeline (DAPL), in order to signal “how important it is that the affected Indigenous population is involved and that their opinions are heard in these types of projects.”
The Standing Rock Sioux Tribe applauds this decision, which comes on the heels of a similar move by ING, and a series of meetings between banks and tribal leadership.
“Divestment and shareholder advocacy have been key to our fight against the Dakota Access Pipeline,” said Standing Rock Sioux Tribal Chairman Dave Archambault. “Hundreds of investors — ranging from institutional investors to cities to individuals — have cut ties with DAPL, but the recent announcements from banks are an especially encouraging sign that our voice is being heard.”
In a statement, DNB cites discussions with the tribe, the companies building DAPL, and its own consumers as the basis for its decision. Additionally, DNB is a signatory to the Equator Principles, a set of environmental and social policies that require clients to — among other things —obtain Free, Prior, and Informed Consent from Indigenous Peoples.
With construction of DAPL nearing completion, the Standing Rock Sioux Tribe is calling on all investors behind DAPL to take action to address this blatant violation of tribal sovereignty. The remaining banks in the DAPL syndicate include Bank of Tokyo-Mitsubishi UFJ, BayernLB, BBVA, BNP Paribas, Citibank, Credit Agricole, ICBC, Intesa Sanpaolo, Mizuho Bank, Natixis, Societe Generale, SMBC, SunTrust, TD Securities, and Wells Fargo.