Quantcast
Environmental News for a Healthier Planet and Life

Help Support EcoWatch

Another Major Norwegian Investor Divests From Dakota Access Pipeline

Popular
Another Major Norwegian Investor Divests From Dakota Access Pipeline

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."

A crowd of climate activists march behind a banner in NYC during Climate Week on September 20, 2020. Erik McGregor / LightRocket / Getty Images

By Breanna Draxler

After decades on the political periphery, the climate movement is entering the mainstream in 2020, with young leaders at the fore. The Sunrise Movement now includes more than 400 local groups educating and advocating for political action on climate change. Countless students around the world have clearly communicated what's at stake for their futures, notably Swedish activist Greta Thunberg, who just finished her yearlong school strike for climate. Youth activists have been praised for their flexible, big-picture thinking and ability to harness social media to deliver political wins, as Sunrise recently did for U.S. Sen. Ed Markey's primary campaign. They necessarily challenge the status quo.

Read More Show Less

EcoWatch Daily Newsletter

Presidential nominee Joe Biden has not taken a stance on gas exports, including liquefied natural gas. Ken Hodge / Wikimedia Commons / CC by 2.0

By Simon Montlake

For more than a decade, Susan Jane Brown has been battling to stop a natural gas pipeline and export terminal from being built in the backcountry of Oregon. As an attorney at the nonprofit Western Environmental Law Center, she has repeatedly argued that the project's environmental, social, and health costs are too high.

All that was before this month's deadly wildfires in Oregon shrouded the skies above her home office in Portland. "It puts a fine point on it. These fossil fuel projects are contributing to global climate change," she says.

Read More Show Less

Trending

Eating lots of fruits and vegetables will boost the immune system. Stevens Fremont / The Image Bank / Getty Images

By Grayson Jaggers

The connection between the pandemic and our dietary habits is undeniable. The stress of isolation coupled with a struggling economy has caused many of us to seek comfort with our old friends: Big Mac, Tom Collins, Ben and Jerry. But overindulging in this kind of food and drink might not just be affecting your waistline, but could potentially put you at greater risk of illness by hindering your immune system.

Read More Show Less
A graphic shows how Rhoel Dinglasan's smartphone-based saliva test works. University of Florida

As the world continues to navigate the line between reopening and maintaining safety protocols to slow the spread of the coronavirus, rapid and accurate diagnostic screening remains critical to control the outbreak. New mobile-phone-based, self-administered COVID-19 tests being developed independently around the world could be a key breakthrough in making testing more widely available, especially in developing nations.

Read More Show Less
A meteorologist monitors weather in NOAA's Center for Weather and Climate Prediction on July 2, 2013 in Riverdale, Maryland. Mark Wilson / Getty Images

The Trump White House is now set to appoint two climate deniers to the National Oceanic and Atmospheric Administration (NOAA) in one month.

Read More Show Less

Support Ecowatch