U.S. Bank has pulled its portion of a $1.3 billion line of credit from Enbridge, according to a news release from Honor the Earth and MN350. It is a victory in efforts to get banks to divest from tar sands pipelines.
Here is the release in full:
MINNEAPOLIS-ST. PAUL — November 2, 2017 — U.S. Bank has ended its credit relationship with Enbridge Inc., the Canadian company seeking to expand tar sands oil transportation through Northern Minnesota with the controversial proposed Line 3 pipeline. U.S. Bank’s move comes amidst a growing local and global movement calling on the banking industry to cut ties to fossil fuel extraction.
A report released today by the Rainforest Action Network, “Funding Tar Sands: Private Banks vs. The Paris Climate Agreement,” cites Bloomberg investor data and criticizes 36 other banks for financing the Canadian pipeline company Enbridge. The report shows that U.S. Bank no longer holds a credit relationship with Enbridge.
As recently as August 2016, U.S. Bank had been a part of extending a multi-bank $1.3 billion line of credit to Enbridge that was not set to expire until late 2019. Last spring, U.S. Bank updated its Environmental Policy to end project-level pipeline construction financing. Continue reading