Mega-banks often use your money to fund projects that may not be in line with your values— and nearly 40 of them are financially supporting the Dakota Access Pipeline (DAPL), including US Bank, JP Morgan Chase, Bank of America, Wells Fargo, and more.
Wells Fargo was one of 17 funders of the DAPL; others included Bank of America, Goldman Sachs, and JPMorgan Chase. In September 2017, Mazaska Talks reported that the divestment movement was responsible for over $5 billion being withdrawn from DAPL-funding banks.
The pipeline is owned and operated by Dakota Access, a joint venture between Energy Transfer Partners (38.25%), MarEn Bakken Company holds (36.75%) and Phillips 66 (25%). MarEn Bakken is a joint-venture between Marathon Petroleum and Enbridge Energy Partners.
Wells Fargo loaned $120 million, which is 4.8 percent of the total costs, to the pipeline developers Energy Transfer Partners. It was one of 17 banks to do so. Six months into the Dakota Access pipeline operations there have already been five spills, Ocasio-Cortez said.
Financing. The pipeline project cost $3.78 billion, of which $2.5 billion was financed by loans, while the rest of the capital was raised by the sale of ownership in Dakota Access, LLC to Enbridge and Marathon Petroleum.
JPMorgan Chase remains the primary banker of the controversial Keystone XL tar sands pipeline through its support for TC Energy, the company behind the project. It’s followed by Bank of Montreal, and 18 other global banks, listed below.
The reservation is home to two bands of the Lakota Nation: the Sihasapa (or Blackfoot) and the Hunkpapa (or Campers at the Horn). The Dakota people of Standing Rock include the Upper Yanktonai (called the Ihanktonwana or Little End Village) and the Lower Yanktonai (called the Hunkatina or Cut Heads).
The $3.8 billion DAPL ships about 40% of the crude oil produced from the Bakken shale region in North Dakota to refiners in the Midwest and exporters in the U.S. Gulf.
The Banking on Climate Change 2020 report showed that Wells Fargo was the world’s second largest funder of fossil fuels in the years following the adoption of the Paris Agreement, pouring US$ 198 billion into the coal, oil and gas industry from 2016-2019.
Twelve other pipelines cross the Missouri River north of DAPL. No part of the pipeline comes in contact with water from the Missouri River or Lake Oahe. Contrary to some reports, the pipeline has not impacted groundwater in any of the four states through which it passes.
Black-owned banks are those where at least half of the voting stock is owned by Black Americans. Black-led banks are those where the majority of the board of directors are Black and the bank primarily serves Black communities.
The banks that activists are targeting include US banks JP Morgan Chase, Citigroup, Bank of America, as well as TD Bank, the Royal Bank of Canada and the European banks Barclays Bank, HSBC, Credit Suisse and Deutsche Bank. (See full list banks funding Line 3 here.)
It is a joint venture project of Mountain Valley LLC partners and Equitrans LP, which merged with a wholly owned subsidiary of Equitrans to form Equitrans Midstream Corporation in June 2020.
The Atlantic Coast Pipeline was a planned natural gas pipeline slated to run 600 miles (970 km) from West Virginia, through Virginia, to eastern North Carolina. It was canceled in July 2020.
On September 16, 2016, the FERC issued the Draft Environmental Impact Statement (DEIS) for the MVP project and on October 13, 2016, the MVP project team filed an updated route with the FERC, known as the MVP October 2016 Proposed Route, which reflected numerous route adjustments to mitigate concerns raised during …
WASHINGTON – The Bureau of Indian Affairs (BIA) announced today that it has approved leasing regulations submitted by the Standing Rock Sioux Tribe , a federally recognized tribe whose reservation is in North and South Dakota, under the Helping Expedite and Advance Responsible Tribal Home Ownership (HEARTH) Act of 2012 …
The people of Standing Rock, often called Sioux, are members of the Dakota and Lakota nations.
|DAPL||Dakota Access Pipeline (also known as Bakken pipeline)|
|DAPL||Direct Access Protocol Layer|
|DAPL||Direct Access Provider Library|
|DAPL||Denver Association of Petroleum Landmen (Colorado)|
Dakota Access Pipeline ramps up carrying capacity by nearly 50% as expansion continues. Operators of Dakota Access announced this week that the embattled North Dakota pipeline can now carry up to 750,000 barrels of oil a day. The company is in the process of scaling up daily capacity to 1.1 million barrels.
Goldman Sachs, Morgan Stanley, Chase, Wells Fargo and CitiBank announced commitments not to finance oil and gas projects in the Arctic National Wildlife Refuge (ANWR) earlier this year. In mid-November, the Trump administration launched the formal process of selling oil drilling leases in the region.
Last month, the 12th edition of the most comprehensive report on major banks’ fossil fuel financing, “Banking on Climate Chaos 2021,” showed that Wells Fargo was the world’s third largest funder of fossil fuels over the five years following the adoption of the Paris Agreement, pouring $223 billion into the coal, oil …
Wells Fargo Corporate & Investment Banking (CIB) and Wells Fargo Securities (WFS) are the trade names used for the corporate banking, capital markets, and investment banking services of Wells Fargo & Company and its subsidiaries, including but not limited to Wells Fargo Securities, LLC, member of NYSE , FINRA , NFA , …
The two pipelines run side-by-side through Kansas and Missouri. The Wood River refinery is jointly owned by Cenovus Energy and Phillips 66 and can process more than 300,000 barrels of crude oil per day.
In Montana, the proposed Keystone XL pipeline would cross the Yellowstone River, a major tributary into the Missouri River and the longest undammed river in the lower 48 states. The river is of vital use for fishermen and recreationalists, and is a major irrigation source for farmers and ranchers.
The Big Four and others. In 1995, the Chinese Government introduced the Commercial Bank Law to commercialize the operations of the four state-owned banks, the Bank of China (BOC), the China Construction Bank (CCB), the Agricultural Bank of China (ABC), and the Industrial and Commercial Bank of China (ICBC).
Big banks rush to back Greenwood, Killer Mike’s Atlanta-based digital bank for underrepresented customers. Before even taking its first deposit, Greenwood, the digital banking service targeting Black and Latino individuals and business owners, has raised $40 million — only a few months after its launch.
|GN Bank||Chicago, IL|
|South Side Community Federal Credit Union||Chicago, IL|
|Line 3 Pipeline|
Line 3 is the first major Canadian oil pipeline expansion to be completed since Enbridge’s Alberta Clipper project, finished in 2015. However, since 2019 Enbridge has also optimized parts of its existing Mainline system, adding roughly 150,000 bpd of capacity.
This 42-inch diameter, 303-mile long steel pipeline aims to ship fracked gas from Wetzel County, West Virginia, to Pittsylvania County, Virginia. Not only is the MVP the largest construction project in each state, it would be among the largest gas pipelines built in the U.S.