Figure 8 has joined more than 130 investors, representing over $685 billion in assets under management, to call upon banks financing the Dakota Access Pipeline (DAPL) to address or support the Standing Rock Sioux Tribe’s request to reroute the pipeline and avoid their treaty territory. This coalition is encouraging these banks to take urgent action and arrive at a peaceful solution acceptable to all parties.
At Figure 8, we believe that the banks financing the DAPL are exposing themselves to potential reputational and financial risks, and are supporting infrastructure that will add to a warming climate. At a time when we are vigorously trying to reduce carbon emissions, this is a step in the wrong direction. We’re not the only ones who believe this, we’ve seen individuals, as well as entities, close accounts worth over $66 million with the aforementioned financial institutions. The most recent example is the City of Seattle, whose finance committee voted unanimously to divest $3 billion from Wells Fargo, a principal lender for the Dakota Access Pipeline. The City of Seattle has been reported to now be searching for a more socially responsible bank to manage the its money.
Read more about how this coalition of investors is advocating for a better solution here: http://www.huffingtonpost.com/entry/investors-banks-rerouting-dakota-access-pipeline_us_58a76a6ee4b045cd34c1946e?9jpquyl3x7lm1jor