Quantcast
Popular

6 Banks Behind the Mountain Valley Pipeline

Residents of Virginia and West Virginia opened up a new front Thursday in their fight to stop the 301-mile Mountain Valley Pipeline: targeting the major U.S. "main street" banks on tap to finance the fracked-gas project's $3.5 billion price tag.


Landowners along the pipeline route are calling on customers to move their money out of the top six U.S. banks behind the pipeline—led by Bank of America and Wells Fargo. The banks are identified in a new analysis released today by Oil Change International that examines how the pipeline will be financed.

The landowner and citizens' groups Bold Appalachia and Protect Our Water, Heritage, Rights (POWHR) launched Thursday's call to action and are planning an upcoming "Defund MVP" week of action in Virginia and West Virginia from June 19 to June 23.

"Now is the time to pull out our pocketbooks, put our money where our mouth is and divest from the banks financing this pipeline," said Carolyn Reilly, a regional pipeline fighter with Bold Alliance whose farm is in the path of the proposed pipeline in Rocky Mount, Virginia.

"The Mountain Valley Pipeline is focused solely on making money, setting private financial interest as the top priority. As farmers and landowners, we say 'no' to a greedy system that supports eminent domain for private gain while threatening our clean water and land."

The "Defund MVP" campaign joins a growing movement of communities, tribes and cities across North America that are targeting the financing behind dirty pipeline projects, from Dakota Access to Keystone XL, and putting increasing pressure on major banks to move money flows away from risky fossil fuel projects that threaten the climate and communities.

The Oil Change analysis draws a direct link between the banks providing corporate-level financing to pipeline company EQT Midstream Partners (EQM) and the money that will fuel the Mountain Valley Pipeline. EQM, the main driver of the project and the largest investor in it, plans to rely on corporate-level financing, rather than direct loans, to fund the pipeline.

"Our analysis shows that Bank of America and Wells Fargo are signed up to funnel the most money into this polluting pipeline," said Lorne Stockman, a senior research analyst at Oil Change International who co-authored the briefing. "These same banks are embroiled in a backlash over their funding for the Dakota Access Pipeline and major tar sands pipelines. The Mountain Valley Pipeline is another black eye. The customer backlash will not let up unless banks heed the call to defund dirty pipelines."

Bank of America is providing more than $141 million in funding to EQM while Wells Fargo is the lead arranger of the company's credit facility. PNC, SunTrust, Bank of the West (via parent company BNP Paribas) and U.S. Bank are also significant investors in EQM's key sources of pipeline finance. While U.S. Bank recently pledged to end project-level loans for oil and gas pipelines, it remains a key corporate-level financer of EQM and several other pipeline companies.

The Oil Change briefing also notes that two banks with significant customer bases across Virginia—Union Bank & Trust and BB&T—are providing a comparatively small but direct loan to the Mountain Valley Pipeline through Roanoke-based RGC Midstream.

"The Mountain Valley Pipeline route is going through the middle of my property, Doe Creek Farm," said Georgia Haverty of Giles County, Virginia. "There are four businesses that would be directly and adversely affected. I will never put a cent of any of my businesses in BB&T, Bank of America, Wells Fargo or Union Bank & Trust. I will also post signs calling out all of these banks for the thousands of visitors and customers who visit each year and who love this land. They need to know."

The Mountain Valley Pipeline would open up a new spigot to increase the flow of gas from fracking operations in the Appalachian Basin. It threatens communities' drinking water, pristine forests, farms and historic places along the route from northwestern West Virginia to south central Virginia. A previous Oil Change analysis showed the project would be responsible for close to 90 million metric tons of greenhouse gas emissions annually, equivalent to 26 coal plants or 19 million vehicles on the road.

Show Comments ()
Sponsored
African elephant. USFWS

Lawsuit Challenges Trump Administration Over New Elephant and Lion Trophy Policies, Still in Effect Despite Trump's Tweets

The Center for Biological Diversity and Natural Resources Defense Council sued the Trump administration Monday for allowing U.S. hunters to import elephant and lion trophies from Zimbabwe. The lawsuit aims to protect animals and resolve confusion created by the administration's contradictory announcements in recent days.

The suit comes days after the U.S. Fish and Wildlife Service abruptly reversed an Obama-era ban on elephant trophy imports based on catastrophic elephant population declines. Fish and Wildlife also recently greenlighted lion trophy imports from Zimbabwe, despite the controversial killing of Cecil the Lion in Zimbabwe in 2015.

Keep reading... Show less
Below the Mackinac bridge runs Enbridge Line 5, transporting 23 Million gallons of oil and liquid gas every day. Conor Mihell

Four Questions About the New Line 5 Pipeline Report

By Beth Wallace

In June, the state of Michigan released a draft report on alternatives to Enbridge's Line 5 pipeline, which pumps up to 23 million gallons of oil and natural gas liquids (NGLs) per day along the bottom of the Straits of Mackinac. The draft report, written by Dynamic Risk, was met with heavy criticism from all sides, and the National Wildlife Federation joined with many others to suggest numerous and substantive changes. On Nov. 20, the final alternatives report was released to the public. As per an agreement with the state to obtain funding for the report, Enbridge has had five days to review this report before it is released publicly.

Keep reading... Show less
USDA

Thanksgiving Dinner Is Cheapest in Years, But Are Family Farms Paying the Price?

By Sarah Reinhardt

Last week, the Farm Bureau released the results of its annual price survey on the cost of a typical Thanksgiving dinner. The grand total for a "feast" for 10 people, according to this year's shoppers? About 50 dollars ($49.87, if you want to be exact). That includes a 16-pound turkey at $1.40 per pound, and a good number of your favorite sides: stuffing, sweet potatoes, rolls with butter, peas, cranberries, a veggie tray, pumpkin pie with whipped cream, and coffee and milk.

After adjusting for inflation, the Farm Bureau concluded that the cost of Thanksgiving dinner was at its lowest level since 2013. Let's talk about what that means for farmers, and for all of us.

Keep reading... Show less

Would More People Ride the Bus if It Looked and Felt Like a Train?

By Jeff Turrentine

It moves through city thoroughfares, towering above automobile traffic. It makes frequent stops to pick up and drop off passengers. It has places to sit, places to stand, and—yes—rubber-tired wheels that go 'round and 'round, all through the town.

But don't call it a bus. It's a "trackless electric train."

Keep reading... Show less
Sponsored

Electric Car Sales Surge 63% Globally

Electric vehicles (EVs) continue to gain momentum on the world market.

Global sales of electric and hybrid cars are 63 percent higher than the same quarter last year, and up 23 percent from the second quarter, according to a Bloomberg New Energy Finance (BNEF) report.

Keep reading... Show less
Harvesting sugarcane in Brazil. Jonathan Wilkins / CC BY-SA

Jet Fuel From Sugarcane? It’s No Flight of Fancy

By Deepak Kumar, Stephen P. Long and Vijay Singh

The aviation industry produces two percent of global human-induced carbon dioxide emissions. This share may seem relatively small—for perspective, electricity generation and home heating account for more than 40 percent—but aviation is one of the world's fastest-growing greenhouse gas sources. Demand for air travel is projected to double in the next 20 years.

Airlines are under pressure to reduce their carbon emissions, and are highly vulnerable to global oil price fluctuations. These challenges have spurred strong interest in biomass-derived jet fuels. Bio-jet fuel can be produced from various plant materials, including oil crops, sugar crops, starchy plants and lignocellulosic biomass, through various chemical and biological routes. However, the technologies to convert oil to jet fuel are at a more advanced stage of development and yield higher energy efficiency than other sources.

Keep reading... Show less
Sponsored
Renewable Energy
"Eólica" or wind power plant in Guanacaste, Costa Rica. ICE Group / Twitter

Costa Rica Runs Entirely on Renewable Energy for 300 Days

Costa Rica has charted another clean energy accolade. So far this year, the Central American country has run on 300 days of 100 percent power generation from renewable energy sources, according to the Costa Rican Institute of Electricity (ICE), which cited figures from the National Center for Energy Control.

With six weeks left of 2017 to go, Costa Rica could easily surpass 300 days.

Keep reading... Show less
Popular
iStock

Starbucks Falls Short on Environmental Commitments

By Davis Harper

Since the early 1970s, Starbucks has held a special place in cupholders. Widespread infatuation with the company's caffeinated beverages has earned the coffee giant a storefront on almost every corner. With outposts in 75 countries and a whopping 13.3 million people enrolled in its loyalty rewards program, Starbucks has scorched nearly all of its closest competitors among major U.S. food brands (most of which aren't even coffee chains) in total market value.

With such reach and power comes tremendous responsibility. Starbucks touts its own corporate responsibility—claiming to be climate-change-aware and cognizant of its environmental cup-print—but how many latte-sippers know that their paper cup actually isn't recyclable and that it'll likely end up in a landfill? Might the knowledge that Starbucks's meat supply is pumped with antibiotics alter the market's appetite for the popular chicken and double-smoked bacon sandwich? Although the company prides itself on environmental awareness and progress toward sustainable products, multiple reports point to the mega-corporation's failure to live up to its own purported standards.

Keep reading... Show less
Sponsored

mail-copy

The best of EcoWatch, right in your inbox. Sign up for our email newsletter!