ABN AMRO threatens to stop financing company behind the controversial Dakota Access Pipeline

donderdag 2 februari 2017

ABN AMRO, the Dutch bank, today announced that it will end its financing for Energy Transfer Equity (ETE) if the Dakota Access Pipeline (DAPL) will be constructed without the consent of the Standing Rock Sioux tribe, or if further violence will be used. The Dutch Fair Finance Guide, Greenpeace Netherlands and BankTrack welcome the decision of ABN AMRO, and call on other banks, including ING in the Netherlands, to follow this example and end all outstanding finance to the pipeline and the companies behind it if no agreement is reached with the Sioux Tribe about the pipeline.

Peter Ras, project leader of the Dutch Fair Finance Guide, said: “ABN AMRO has already actively engaged with ETE on the ongoing violation of the rights of the Sioux tribe. It has now decided that the relation with ETE will be terminated if it does not fully respect the rights of the Sioux, or if further violence will be used against them. With this decision, ABN AMRO sets a fine example in taking its social responsibility, an example that ING and other banks need to follow!”

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ING a good example tends to follow
Last week, ING announced that it had sold its shares in the companies involved in the pipeline, but it has not withdrawn from the USD 120 million project loan for the pipeline.
ING therefore remains co-responsible for the human rights violations and environmental destruction caused by the project.

Since November, The Fair Finance Guide, Bank Track and Greenpeace are asking ABN and ING to put maximum pressure on the companies behind the pipeline, and if the companies continue to refuse to respond to the concerns of the Sioux Indian,  to withdraw from the disputed pipeline and the companies behind them. ABN Amro has responded to this call and will no longer finance the companies behind the construction of the pipeline. ING should follow this good example and withdraw the project loan for  the pipeline.

Read the press release

What can you do?
Support our call to ING to stop their payments to the Dakota Pipeline.
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