Standing Rock Sioux Chairman David Archambault II is calling on other banks to follow the lead of Norway’s DNB bank and rid themselves of financial dealings with the Dakota Access Pipeline.
Archambault’s statement comes after the Norwegian bank announced Sunday that it is selling its pipeline loans, reportedly worth $340 million, or nearly 10 percent of the project cost.
“By selling our stake, we wish to signal how important it is that the affected indigenous population is involved and that their opinions are heard in these types of projects,” Harald Serck-Hanssen, the bank’s senior executive, said in a widely reported statement. “Although there have been attempts at consultation by the project parties, the outcome of the process suggests that these have been inadequate.”
Archambault said the Norway bank follows a similar move by Dutch ING, which sold its $120 million share in the project earlier this month.
“Divestment and shareholder advocacy have been key to our fight against the Dakota Access Pipeline,” Archambault said. “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.”
The tribe says the pipeline could cause contamination of the Missouri River/Lake Oahe. The issue remains in federal court.
The chairman said Standing Rock calls on remaining banks — 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 — to address the “blatant violation of tribal sovereignty.”
