JPMorgan Chase, Wells Fargo, Crédit Agricole Warned Not to Finance Tar Sands Pipeline Companies

Bank clients Enbridge and TransCanada have failed to secure Free, Prior and Informed Consent of Indigenous Communities

NEW YORK — On Monday (Indigenous People’s Day), Honor The Earth, Rainforest Action Network, Sierra Club, 350 Seattle, Friends of the Earth France, and others called on JPMorgan ChaseWells Fargo and French bank Crédit Agricole to end their participation in credit lines of nearly $4 billion dollars associated with Indigenous rights violations with major tar sands pipeline companies Enbridge and TransCanada. The broad coalition delivered an open letter to the banks. This presents an escalation in national efforts to hold banks accountable for environmental and human rights impacts stemming from the funding of major fossil fuel infrastructure projects.

Read letter here: https://www.ran.org/endfinanceline3/

The warning letter urges banks to avoid the reputational and financial risk of supporting Enbridge, the company behind the controversial Line 3 pipeline, which is incompatible with achieving the goals of the Paris Climate Agreement and respecting human rights, especially those detailed in the U.N. Declaration on the Rights of Indigenous Peoples.

As with the Dakota Access Pipeline (DAPL) — a highly controversial project constructed without the Free, Prior, and Informed Consent of the Standing Rock Sioux Tribe — both the Line 3 and Keystone XL pipelines pose a grave threat to Indigenous rights. Neither Enbridge nor TransCanada has secured the Free, Prior and Informed consent of all the tribes on the route of their projects. The Mille Lacs, White Earth, and Red Lake tribes in Minnesota, whose lands would be crossed by Line 3, are fighting the project in the courts, while Indigenous-led grassroots opposition is fighting Line 3 on the ground.

“Enbridge has the only fully approved, fully funded major tar sands line in North America. It is a 1/3 owner in Dakota Access, and therefore a 1/3 owner in the UN-documented brutality on unarmed people that took place in Standing Rock. Enbridge now wants to slam almost one million barrels of tar sands per day through my people’s treaty territory and sacred wild rice, against the will of the tribes and people. No bank with even the most basic respect for human rights should be funding this company. Stop funding cultural genocide,” stated Tara Houska, National Campaigns Director at Honor The Earth.

With $1.48b of Enbridge’s credit facilities set to expire on the same day that the Equator banks are meeting to discuss environmental and social risk management and revision of the Equator Principles, the coalition is urging the banks to heed the lessons learned from Energy Transfer Partners’ DAPL and Kinder Morgan’s Trans Mountain Pipeline and decline any renewed involvement.

FROM NATIVENEWSONLINE.NET

print