SUBHEAD: Green groups call for international bankers to stop funding Dakota Access Pipeline.
By Deirdre Fulton on 8 November 2016 in Common Dreams -
(http://www.commondreams.org/news/2016/11/08/amid-crisis-and-scandal-global-banks-called-stop-funding-dakota-access)
Image above: Twelve activists were arrested during an occupation of the Citigroup Center lobby in San Francisco last month, calling on the bank to stop financing the Dakota Access pipeline. Photo by Ethan Buckner of Diablo Rising Tide. From original article.
Green groups say bank financing for pipeline is 'inexplicable' amid 'gross violations of Native land titles, threats to water sources, and the desecration of burial grounds'.
Describing the fight over the Dakota Access Pipeline (DAPL) as "a national crisis and an international scandal," a coalition of 26 environmental organizations on Monday called on leading banks to stop funding the project.
In an open letter to the Equator Principles Association, a consortium of global banks ostensibly committed to responsible environmental and social practices, the groups say they "have been astonished to learn" that more than a dozen member institutions are involved in a $2.5 billion credit agreement with Dakota Access LLC and Energy Transfer Crude Oil Company LLC to construct the controversial pipeline.
Signatories to the letter included Greenpeace, Sierra Club, Friends of the Earth, and Food & Water Watch.
"The world is closely watching how all actors involved will deal with the situation, including the banks that provide financial support to the project," the letter reads.
"This for now requires that all further loan disbursements to the project are put on hold," says the letter, coordinated by Netherlands-based BankTrack, "and that the EPFIs involved demand from the project sponsors an immediate halt to the construction of the pipeline and all associated structures, until all outstanding issues are resolved to the full satisfaction of the Standing Rock Sioux Tribe."
Meanwhile, in a separate statement Monday, Rainforest Action Network—another signatory to the BankTrack letter—zeroed in on Citigroup's DAPL financing in particular, pointing out that the bank's own Statement on Human Rights declares: "Citi seeks to do business with clients who share our values with respect to human rights."
Citigroup, which is the agent for the $2.5 billion loan, as well as co-lead arranger, is also a member of the Equator Principles Association.
"It's clear that the Dakota Access pipeline project has violated the sovereignty of the Standing Rock Sioux and their right to determine the future of their lands," said the group's executive director Lindsey Allen. "Citibank's leading role in financing the pipeline makes it complicit in gross violations of Indigenous and human rights.
Citi can demonstrate its leadership by responding to the demands made by the Standing Rock Sioux to end support for the Dakota Access pipeline."
The bank, which is reportedly backing the pipeline with $342.36 million in loans—about 10 percent of the project's costs—said it "will therefore use its position as lender to the project to encourage a more constructive process to find solutions to the conflict that has arisen.
If these initiatives do not provide DNB with the necessary comfort, DNB will evaluate its further participation in the financing of the project."
CitiBank primary DAPL funder
SUBHEAD: CitiGroup playing the most significant role as the agent for the loan, as well as co-lead arranger.
By Blair FitzGibbon on 7 November 2016 in Common Dreams -
(http://www.commondreams.org/newswire/2016/11/07/ran-statement-citigroups-leading-role-financing-dakota-access-pipeline)
The Rainforest Action Network (RAN) is demanding that Citibank halt all further loan disbursements for the Dakota Access pipeline (DAPL) and ensure that the project sponsors immediately halt construction, unless all outstanding issues are resolved to the full satisfaction of the Standing Rock Sioux Tribe.
Citigroup’s prominent role in leading financing for this project directly contradicts its own commitments on Indigenous rights, human, and climate change.
Citi is a signatory to the Equator Principles and the bank’s own Statement on Human Rights
declares that "Citi seeks to do business with clients who share our values with respect to human rights."By Deirdre Fulton on 8 November 2016 in Common Dreams -
(http://www.commondreams.org/news/2016/11/08/amid-crisis-and-scandal-global-banks-called-stop-funding-dakota-access)
Image above: Twelve activists were arrested during an occupation of the Citigroup Center lobby in San Francisco last month, calling on the bank to stop financing the Dakota Access pipeline. Photo by Ethan Buckner of Diablo Rising Tide. From original article.
Green groups say bank financing for pipeline is 'inexplicable' amid 'gross violations of Native land titles, threats to water sources, and the desecration of burial grounds'.
Describing the fight over the Dakota Access Pipeline (DAPL) as "a national crisis and an international scandal," a coalition of 26 environmental organizations on Monday called on leading banks to stop funding the project.
In an open letter to the Equator Principles Association, a consortium of global banks ostensibly committed to responsible environmental and social practices, the groups say they "have been astonished to learn" that more than a dozen member institutions are involved in a $2.5 billion credit agreement with Dakota Access LLC and Energy Transfer Crude Oil Company LLC to construct the controversial pipeline.
Signatories to the letter included Greenpeace, Sierra Club, Friends of the Earth, and Food & Water Watch.
"The world is closely watching how all actors involved will deal with the situation, including the banks that provide financial support to the project," the letter reads.
"Given the presumed Indigenous rights commitments of [Equator Principles Financial Institutions, or EPFIs], it is for us inexplicable that gross violations of Native land titles, threats to water sources, and the desecration of burial grounds have not been identified early on as reasons for EPFIs to not provide funding for this project. However, this unfortunately fits into a documented and consistent pattern of disrespect of local communities and Indigenous rights by EPFI-backed projects worldwide."The letter then calls on the association, which holds its annual meeting in London on Monday and Tuesday, to direct its institutions to "take swift action to stop the ongoing violation of the rights of Native Americans."
"This for now requires that all further loan disbursements to the project are put on hold," says the letter, coordinated by Netherlands-based BankTrack, "and that the EPFIs involved demand from the project sponsors an immediate halt to the construction of the pipeline and all associated structures, until all outstanding issues are resolved to the full satisfaction of the Standing Rock Sioux Tribe."
Meanwhile, in a separate statement Monday, Rainforest Action Network—another signatory to the BankTrack letter—zeroed in on Citigroup's DAPL financing in particular, pointing out that the bank's own Statement on Human Rights declares: "Citi seeks to do business with clients who share our values with respect to human rights."
Citigroup, which is the agent for the $2.5 billion loan, as well as co-lead arranger, is also a member of the Equator Principles Association.
"It's clear that the Dakota Access pipeline project has violated the sovereignty of the Standing Rock Sioux and their right to determine the future of their lands," said the group's executive director Lindsey Allen. "Citibank's leading role in financing the pipeline makes it complicit in gross violations of Indigenous and human rights.
Citi can demonstrate its leadership by responding to the demands made by the Standing Rock Sioux to end support for the Dakota Access pipeline."
The New York Times notes that:
Indeed, Norwegian bank DNB issued a statement on Sunday saying it "is concerned about how the situation surrounding [DAPL] has developed.""In campaigning to reduce the world's carbon emissions, environmentalists have increasingly focused on the financiers behind the fossil fuel industry—highlighting their role in financing coal, oil, and gas projects. It is an expansion of traditional protest efforts, and it has met with some early success."
The bank, which is reportedly backing the pipeline with $342.36 million in loans—about 10 percent of the project's costs—said it "will therefore use its position as lender to the project to encourage a more constructive process to find solutions to the conflict that has arisen.
If these initiatives do not provide DNB with the necessary comfort, DNB will evaluate its further participation in the financing of the project."
CitiBank primary DAPL funder
SUBHEAD: CitiGroup playing the most significant role as the agent for the loan, as well as co-lead arranger.
By Blair FitzGibbon on 7 November 2016 in Common Dreams -
(http://www.commondreams.org/newswire/2016/11/07/ran-statement-citigroups-leading-role-financing-dakota-access-pipeline)
The Rainforest Action Network (RAN) is demanding that Citibank halt all further loan disbursements for the Dakota Access pipeline (DAPL) and ensure that the project sponsors immediately halt construction, unless all outstanding issues are resolved to the full satisfaction of the Standing Rock Sioux Tribe.
Citigroup’s prominent role in leading financing for this project directly contradicts its own commitments on Indigenous rights, human, and climate change.
Citi is a signatory to the Equator Principles and the bank’s own Statement on Human Rights
Citigroup's policy goes on to reference community and human rights related issues that could arise when they are assessing projects such as "protection of community health, safety and security; the protection of cultural property and heritage; [and] land acquisition and involuntary resettlement."
Given heavy-handed tactics at Standing Rock — including DAPL private security guards using pepper spray, rubber bullets and attack dogs on elders and children — Citigroup’s continued role in financing this project constitutes non-compliance with their own public statements and makes them complicit in severe and ongoing Indigenous and human rights abuses against peaceful protesters.
Financial research on construction of the Dakota Access pipeline reveals that the major banks investing in this large infrastructure project include not only Citigroup but Japanese banks Bank of Tokyo-Mitsubishi UFJ, and Mizuho Bank; and Canadian bank TD Securities (TD Bank).
Citigroup, however, is playing the most significant role as the agent for the loan, as well as co-lead arranger. Over half of the financing for the DAPL remains frozen pending certain government permit approvals — presumed to be the final approval by the Army Corps of Engineers. At this point, a third of the loan money has been paid out.
“It’s clear that the Dakota Access pipeline project has violated the sovereignty of the Standing Rock Sioux and their right to determine the future of their lands. Citibank’s leading role in financing the pipeline makes it complicit in gross violations of Indigenous and human rights.
Citi can demonstrate its leadership by responding to the demands made by the Standing Rock Sioux to end support for the Dakota Access pipeline.
Given that only one third of the funds have been disbursed, we call on Citigroup to immediately halt any additional loan disbursements and demand that project sponsors immediately halt construction, unless all outstanding issues are resolved to the full satisfaction of the Standing Rock Sioux Tribe,” said Lindsey Allen, Executive Director of Rainforest Action Network.
On climate, Citigroup has made a pledge “to accelerate the transition from a high-carbon to a low-carbon economy” and has recently adopted a policy to reduce its coal mining financing.
However, this multi-billion dollar deal for a new oil pipeline is in direct opposition to the Paris Climate Agreement that came into force last Friday. Recent data shows that new fossil fuel infrastructure would increase warming well beyond 1.5 degrees Celsius.
In the face of forced removals and abusive tactics of militarized police at Standing Rock, water protectors and allies continue to peacefully protest construction of the pipeline.
Rainforest Action Network stands in solidarity with the the Standing Rock Sioux and their Indigenous allies across the country in their fight against the Dakota Access pipeline, which poses a devastating public health threat to the Tribe’s drinking water.
RAN respects and upholds the rights of Indigenous Peoples, including the rights outlined in the United Nations Declaration on the Rights of Indigenous Peoples (UNDRIP) such as the right to self-determination and Free, Prior and Informed Consent (FPIC) regarding decisions on their traditional lands.
Further, we support the leadership of these communities in developing strategic and effective solutions to protect people, the environment and the climate.
New research: BankTrack Profile of the Dakota Access pipeline project finance loan
http://www.banktrack.org/show/dodgydeal/dakota_access_pipeline
The Sky’s Limit: Why the Paris Climate Goals Require a Managed Decline of Fossil Fuel Production
http://priceofoil.org/2016/09/22/the-skys-limit-report/
.
No comments :
Post a Comment