San Francisco Moves to Divest from Banks Financing Dakota Access Pipeline

HeadlineMar 16, 2017

And the San Francisco Board of Supervisors has unanimously voted for legislation aimed at divesting up to $1.2 billion from banks financing the contested $3.8 billion Dakota Access pipeline.

Other U.S. cities, including Seattle, Alameda, Santa Monica and Davis, and Native American nations, including the Muckleshoot Tribe in Seattle, the Nez Perce Tribe in Idaho and the Mille Lacs Band of Ojibwe in Minnesota, have approved similar divestment legislation.

A $70 billion pension fund owned by Norway’s public sector employee unions has also announced it will divest from its shares in the Dakota Access-linked companies Energy Transfer Partners, Phillips 66, Enbridge and Marathon, citing “an unacceptable risk of contributing to serious or systemic human rights violations.”

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