This is really major news, the one move that may turn the tide for other banks to follow suit, especially after wave after wave of protesters let them know of their displeasure, and withdraw their monies. If you are able to speak with your bank in the near future, please be sure they know this breakthrough in news, and you could also ask the Wall St. Journal and NY Times to cover this as soon as they can, in your own quick letter to the editor, please....wsj.ltrs|AT|wsj.comEmail address and letters|AT|nytimes.comEmail address Remember, that what you are seeing here on OEN is scooping all of the national media, large and small]:
One of Norway's largest banks is reconsidering its 10% line of credit for DAPL, "if concerns raised by Native American tribes against its construction are not addressed," it stated late on Sunday.
Local authorities and protesters have been clashing over Energy Transfer Partner's $3.8 billion Dakota Access pipeline project, which would offer the fastest and most direct route to bring shale oil from North Dakota to Illinois.
Native American tribes contend that the pipeline would disturb sacred land and pollute waterways supplying nearby homes. Protests have reached alarming levels, and the police violence has no doubt been noticed by bankers in Oslo.
"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," Norway's largest bank said in a statement.
"If these initiatives do not give appeasing answers and results, DNB will consider its further involvement in the financing of the project."
The bank didn't say in its statement how much financing it is contributing to the project and related lines of credit. However, Norway's largest daily newspaper, Aftenposten, reported the bank is responsible for some $342.36 million in loans to build the pipeline, or close to 10 percent of the cost of the project.
This is major good news for DAPL protesters and we sincerely hope that the other giant banks like Bank of America and Wells Fargo will have the sense to follow through similarly. Wells Fargo, in particular, with its recent public relations debacle and Senate hearings, might have the acumen to do this as well, and thereby regain some of the lost respect that they value.
My new article: Dakota Access Pipeline: Reroute It or Totally Pull the Plug
(Article changed on November 7, 2016 at 22:23)