Quantcast

After Visiting Standing Rock, Swedish Bank Puts Companies Behind DAPL on Watch

Popular

After a visit by its representatives to Standing Rock, Swedish financial institution Nordea announced today that it will not back the Dakota Access Pipeline if it violates the demands of the Standing Rock Sioux Tribe.

Nordea met with tribal representatives on the ground, including Standing Rock Sioux Tribe Chairman David Archambault II. The Standing Rock Sioux Tribe urged Nordea to divest and respect the rights of Indigenous communities via a letter delivered by Sami artist and activist Sofia Jannok and Greenpeace.

At a meeting with Greenpeace and Nordea regarding the Dakota Access Pipeline, it was announced that:

  • Nordea will demand guarantees from the companies building the Dakota Access Pipeline that it will not go through the Standing Rock Sioux Tribe's reservation land. If the companies do not respect this, Nordea will start the process of selling its holdings in the companies;
  • Nordea will place these companies in quarantine for six months;
  • Nordea will send a letter to the companies by Friday with a clear requirement: They must respect the Standing Rock Sioux Tribe's demands not to route the Dakota Access Pipeline in the vicinity of their land;
  • If the companies do not meet that requirement within the next six months, Nordea's Sustainable Finance team will recommend selling Nordea's holdings in these companies.
  • If the companies concerned are found to be in violation of indigenous peoples' rights, Nordea's Sustainable Finance team will recommend selling holdings in them;
  • If the companies win a lawsuit in relation to the last stretch of the Dakota Access Pipeline, or if a change in the political situation allows companies to legally be allowed to route the pipeline near Standing Rock Sioux Tribe land, the Nordea Sustainable Finance team will recommend that Nordea sells off holdings in the companies.

The news follows similar announcements from Norway's DNB and Odin Fund Management.

"It's an important step that Nordea put its foot down and now has specific requirements that the oil pipeline not go through the Standing Rock Sioux Tribe's land," Greenpeace Nordic climate and energy campaigner Rolf Lindahl said. "It sends a clear signal to the world that the rights of indigenous peoples must be respected. We encourage others to set the same demands for the companies that are building the oil pipeline.

"The fact that bank after bank is withdrawing or voicing concern over the project shows the power of people united. This is another positive development for water protectors, though it does not yet determine the pipeline's future, which should be stopped in its entirety."

Greenpeace USA spokesperson Mary Sweeters concurred. "It is becoming increasingly clear that financial institutions view the Dakota Access pipeline as a liability," she said.

"Banks should not be funding projects that violate human rights and contribute to climate change. The fact that Nordea traveled to Standing Rock to consult with those on the ground and then came to this decision is significant. The recklessness of Energy Transfer Partners and Sunoco and the threat to the Standing Rock Sioux Tribe are real and can scarcely be depicted in full through media. This project is a crime against Indigenous sovereignty and human rights everywhere. It's time for all banks invested in DAPL companies and those giving loans to get out for good."

EcoWatch Daily Newsletter

Natural Resources Defense Council

By Emily Deanne

Shower shoes? Check. Extra-long sheets? Yep. Energy efficiency checklist? No worries — we've got you covered there. If you're one of the nation's 12.1 million full-time undergraduate college students, you no doubt have a lot to keep in mind as you head off to school. If you're reading this, climate change is probably one of them, and with one-third of students choosing to live on campus, dorm life can have a big impact on the health of our planet. In fact, the annual energy use of one typical dormitory room can generate as much greenhouse gas pollution as the tailpipe emissions of a car driven more than 156,000 miles.

Read More Show Less
Kokia drynarioides, commonly known as Hawaiian tree cotton, is a critically endangered species of flowering plant that is endemic to the Big Island of Hawaii. David Eickhoff / Wikipedia

By Lorraine Chow

Kokia drynarioides is a small but significant flowering tree endemic to Hawaii's dry forests. Native Hawaiians used its large, scarlet flowers to make lei. Its sap was used as dye for ropes and nets. Its bark was used medicinally to treat thrush.

Read More Show Less
Sponsored
Frederick Bass / Getty Images

States that invest heavily in renewable energy will generate billions of dollars in health benefits in the next decade instead of spending billions to take care of people getting sick from air pollution caused by burning fossil fuels, according to a new study from MIT and reported on by The Verge.

Read More Show Less
Aerial view of lava flows from the eruption of volcano Kilauea on Hawaii, May 2018. Frizi / iStock / Getty Images

Hawaii's Kilauea volcano could be gearing up for an eruption after a pond of water was discovered inside its summit crater for the first time in recorded history, according to the AP.

Read More Show Less
A couple works in their organic garden. kupicoo / E+ / Getty Images

By Kristin Ohlson

From where I stand inside the South Dakota cornfield I was visiting with entomologist and former USDA scientist Jonathan Lundgren, all the human-inflicted traumas to Earth seem far away. It isn't just that the corn is as high as an elephant's eye — are people singing that song again? — but that the field burgeons and buzzes and chirps with all sorts of other life, too.

Read More Show Less
Sponsored
A competitor in action during the Drambuie World Ice Golf Championships in Uummannaq, Greenland on April 9, 2001. Michael Steele / Allsport / Getty Images

Greenland is open for business, but it's not for sale, Greenland's foreign minister Ane Lone Bagger told Reuters after hearing that President Donald Trump asked his advisers about the feasibility of buying the world's largest island.

Read More Show Less
AFP / Getty Images / S. Platt

Humanity faced its hottest month in at least 140 years in July, the US National Oceanic and Atmospheric Administration (NOAA) said on Thursday. The finding confirms similar analysis provided by its EU counterparts.

Read More Show Less
Newly established oil palm plantation in Central Kalimantan, Indonesia. Rhett A. Butler / Mongabay

By Hans Nicholas Jong

Indonesia's president has made permanent a temporary moratorium on forest-clearing permits for plantations and logging.

It's a policy the government says has proven effective in curtailing deforestation, but whose apparent gains have been criticized by environmental activists as mere "propaganda."

Read More Show Less