Norwegian Bank DNB Considering Cutting Funding of Dakota Access Pipeline

HeadlineNov 08, 2016

The proposal to reroute the Dakota Access comes as the billion-dollar project, spearheaded by Dallas-based Energy Transfer Partners, is facing increasing pressure from the banks funding its construction. On Sunday, the Norwegian bank DNB announced it’s considering withdrawing its funding amid concerns about human rights violations against the Standing Rock Sioux Tribe in North Dakota. DNB, which is Norway’s largest bank, is responsible for financing up to 10 percent of pipeline. This comes as Citigroup told The New York Times it also has raised concerns about the project with Energy Transfer Partners, although the bank has not yet said whether it will withdraw its funding. Citigroup is playing a major role as both a financer of the project and the loan agent. Lindsey Allen of the Rainforest Action Network said, “Citibank’s leading role in financing the pipeline makes it complicit in gross violations of Indigenous and human rights.”

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