As I write this article, our film company, Paradise Cove Productions, is withdrawing all funds from Wells Fargo Bank. Our family, also, is transferring all money from Wells Fargo checking and savings accounts to another institution.
Wells Fargo is the lead bank investing in the Dakota Access Pipeline- DAPL.
Other major US banks include Bank of America, Chase, Citibank, US Bank, and JP Morgan. The complete list can be found at http://act.climatehawksvote.com/_nodapl_close_your_account?utm_campaign=20161201nodapl&utm_medium=email&utm_source=climatehawksvote
These banks depend on lots of people who deposit their cash in checking or savings accounts. They are using our money to fund this ecologically destructive project. If there is a mass movement by consumers to close their accounts and transfer their funds to institutions which are cleaner, the big banks will hurt, and reconsider their position on DAPL.
There are many European and Asian funders, a total of 17 institutions. Two Norwegian banks have already withdrawn their investments from DAPL, citing their poor treatment of Native Americans and the banks' support for indigenous rights. Other European banks, such as those in Germany and Holland, might well follow suit, if pressure is applied. The link above includes contact information for each institutional investor, as well for their chief officers.
Financial pressure is an excellent way to change corporate policy. Stockholders have used divestment as a tool very successfully. While most members of the public only have relatively small amounts of money in checking and savings accounts in major banks, cumulatively it is a huge amount which could make a big difference.
the roughly $2.5 billion dollars needed for the pipeline, about half is on hold
pending final approval of the pipeline route.
The courageous stance of the Standing Rock tribe and their millions of
supporters may be making those who have pledged funds reconsider, and put their
money elsewhere. Every day of delay is
costing them, as well as costing the State of North Dakota, Morton County, and
all other agencies who are opposing the Water Protectors.
The bottom line for corporations and banks is money, so let's do all we can to move money away from them, toward institutions who agree with our views on politics and ecology.