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Another Setback For DAPL As Norwegian Bank Rethinks Funding

DAPL

As if the Dakota Access Pipeline project didn’t already have enough problems, Norwegian bank DNB, is rethinking its earlier decision to doll out $342.36 million in loans to construct the pipeline—a figure that represents about 10 percent of the project’s total, according to Norwegian daily Aftenposten.

The bank did not comment on the amount of financing under review.

In addition to DNB, pension funds for over 650,000 Norwegians managed by the National Local Government Pension Fund (KLP) also hold stake in companies that own DAPL. KLP is now reviewing the matter as serious and will attempt to discuss with the companies “behind the project who are accused of violating human rights.”

In what appears to be solidarity with the Native Americans protesting the pipeline, along with various celebrities who have also latched onto the cause, as well as Anonymous, DNB said late on Sunday that it would rescind its offer to financing a portion of the project if the concerns of the Native American tribes currently opposing the pipeline’s construction go unaddressed.

“DNB looks with worry at how the situation around the pipeline in North Dakota has developed. The bank will therefore take initiative and use its position to bring about a more constructive process to find a solution to the conflict,” read a statement issued by the bank, adding that it would “consider its further involvement in the financing of the project” if “these initiatives do not give appeasing answers and results,” according to a statement.

DNB is one of 38 banks financing the DAPL project directly, which include Citibank, Wells Fargo, BNP Paribas, SunTrust, Royal Bank of Scotland, TD Securities, ABN AMRO Capital, DNB First Bank (separate from DNB) to name but a few.

Last week, a spokesman for Norway’s Oil Fund, which holds stakes in several of the companies that own DAPL, also issued a statement saying that although they don’t have a direct investment in DAPL, “we expect that companies in which we invest respect human rights and keep them in consideration in their business activities.”

DNB’s statement, along with KLP’s and Norway’s Oil Fund’s, could be a harbinger of even more hurdles that DAPL must face if lenders go back on investments in the face of mounting public pressure.

By Julianne Geiger for Oilprice.com

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  • zipsprite on November 26 2016 said:
    All I can think is dang, 3.4 BILLION DOLLARS would buy one hell of a lot of wind and solar.
  • Helper on November 08 2016 said:
    Randy Verret, have you met any of the landowners who signed off their land under threat of eminent domain? Some descriptions I've heard of their experiences with Dakota Access representatives create a challenge for me to believe the narrative is as clean as you put it.

    Have you seen any video of the protests? Have you seen no reason to doubt the integrity of some officials? Maybe I'm a victim of propaganda, but what I've seen suggests police are responding with violence to non-violent protesters on a consistent basis. I can't accept that. Can you?
  • Lottie on November 08 2016 said:
    Blessing to our Water Protectors.
  • Randy Verret on November 07 2016 said:
    Violations of human rights? Really? You have a pipeline company that was issued valid Army Corps permits, apparently obtained all needed easements from hundreds of private landowners and all attendant road & crossing permits at the State & local levels, not to mention stormwater permits and all the other "trimmings." Then, a federal judge looks at the evidence on the COE permits and throws out the Standing Rock injunction request. So, as a former industry regulatory professional, knowing the EXTENSIVE process (engineering, environmental, archeological, etc.) that the DAPL went through to even commence construction with this OPEN public process, somehow we are now interjecting (from Norway) that human rights of our indigenous peoples have been violated? I'd say this is looking more Bat S#!T CRAZY every day, but that's an affront to the average (sensible) bat...

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