Quantcast

Another Major Norwegian Investor Divests From Dakota Access Pipeline

Energy

Odin Fund Management, one of Norway's leading fund managers, announced Thursday that it sold $23.8 million (243 million NOK) worth of shares invested in the companies behind the Dakota Access Pipeline.

©Lori Panico

SpareBank 1, one of the financial institutions that offers Odin Funds, said that they have strong ethical standards for their investments and "as a result of information in press recently Odin Management undergone analyzes of companies heavier involved in the pipeline in question. We see then that this project in isolation is challenging with regard to social responsibility. For this reason we have chosen to divest the fund's shares in Marathon Petroleum."

According to Greenpeace Norway sustainable finance campaigner, Martin Norman, "If you take corporate social responsibility seriously, and one of your assets invests in a project that is in clear breach of your company guidelines, you get out ... All of the other Norwegian banks and funds that claim to have a CSR policy, including KLP, NORDEA, Storebrand and the Norwegian Oil Fund, must divest from the companies behind the Dakota Access Pipeline project immediately."

This news follows the Nov. 17 announcement by Norway's largest bank, DNB, that it sold its assets in the DAPL and is reconsidering the loan it provided.

The Sami, indigenous people living in the very north of Europe, and Standing Rock camp attorneys are working together to get Norway institutions to completely divest from the DAPL.

"Now it's time for DNB to be accountable," Beaska Niillas, Norwegian Sami Association, said. "DNB made the promise themselves: 'we won't be part of projects that violate Indigenous and human rights.' We provided them with information, and after they've seen the pictures and videos, there should no longer be doubt in their minds ... The only right thing to do in this urgent situation—terminate the loans."

The $3.8 billion pipeline project is now in its final stretch. More than 80 percent of the pipeline has already been constructed. The U.S. Army Corps of Engineers announced Nov. 14 that it would delay a decision on granting an easement to Energy Transfer Partners. However, on Nov. 17, a reporter spotted construction continuing despite the Army Corps decision.

"The financial institutions behind the pipeline are realizing that it is bad business to invest in companies willing to disregard Indigenous sovereignty to destroy sacred Native lands and water supply," Greenpeace USA spokesperson Mary Sweeters said.

"It's great to see Norwegian banks and funds leading the way, but it is time for U.S. banks to step up and follow suit. Citibank, the financial institution with the largest share in the pipeline, must divest and halt its loan disbursements immediately."

EcoWatch Daily Newsletter

A Boeing 737-800 BCF (Boeing Converted Freighter) is marked "Prime Air" as part of Amazon Prime's freight aircraft during the 53rd International Paris Air Show at Le Bourget Airport near Paris, France on June 22. Mustafa Yalcin / Anadolu Agency / Getty Images

It's Prime Day! The day when thousands of increasingly absurd items are discounted so deeply that you suddenly need items you never knew existed. Yes, I do need a hotdog shaped toaster next to me while I watch this Fast & Furious seven movie box set! And I need it in my house today!

Read More Show Less

By Peter Sinclair

The weather in many areas across the U.S. has been – and certainly throughout America's heartland was for much of the past winter and spring – frightful.

Read More Show Less
Sponsored
Golde Wallingford submitted this photo of "Pure Joy" to EcoWatch's first photo contest. Golde Wallingford

EcoWatch is pleased to announce our third photo contest!

Read More Show Less
There's a short window between when a tick bites and when it passes on bacteria or virus. MSU Ag Communications, Courtesy Dr. Tina Nations, CC BY-ND

By Jerome Goddard

When it comes to problems caused by ticks, Lyme disease hogs a lot of the limelight. But various tick species carry and transmit a collection of other pathogens, some of which cause serious, even fatal, conditions.

Read More Show Less
tomosang / Moment / Getty Images

By Jessica A. Knoblauch

Say goodbye to one of the dreamiest things about childhood. In the Midwest, fireflies are dying off.

Read More Show Less
Sponsored
A new Climate Emergency Fund contains more than $625,000 which will go to grassroots climate action groups like Extinction Rebellion and students who have organized weekly climate strikes all over the world. @ExtinctionR / Twitter

By Julia Conley

Heeding the call of grassroots campaigners, several wealthy philanthropists announced Friday a new fund that will raise money for climate action groups around the world.

Read More Show Less
Skyhobo / iStock / Getty Images

The Trump administration is preparing to roll out a proposal that would remove communities' ability to officially contest decisions regarding how much pollution can be released by local power plants and factories, the New York Times reports.

Read More Show Less
In this May 10 photo oil flows at a Chevron oil field in Kern County, California. California Department of Fish and Wildlife's Office of Spill Prevention and Response

California officials ordered Chevron Friday "to take all measures" to stop a release that has spilled around 800,000 gallons of water and crude oil into a dry creek bed in Kern County, KQED reported.

Read More Show Less