U.S. Bank Pulls Enbridge Line of Credit, Line 3 Opponents Say

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.

MPR Misses the Boat on DAPL Divestment Story

Minnesota Public Radio (MPR) ran a piece today headlined: Protest appeared to misstate U.S. Bank’s role in Dakota Access pipeline.

At best, the story makes a technical point. At worst, the headline casts DAPL opponents in an unfair light, claiming they are “misstating” the facts — that is, misrepresenting them or even lying. The story certainly misses the larger political picture.

Local Actions Planned Thursday Against Banks Backing DAPL; Veterans Stand For Standing Rock, and More

From the National Day of Action at the Army Corps of Engineers headquarters in St. Paul.

The Camp of the Sacred Stones and Red Warrior Camp are calling on allies to put pressure on the financial institutions backing the Dakota Access pipeline to divest, according to a Facebook post from the two groups, and reprinted below.

“It is time banks stop using our money to finance crude oil pipelines that violate indigenous treaty rights and put our drinking water and climate at risk,” it said. “It is time to end the escalating police violence at Standing Rock.”

“Until US Bank and Wells Fargo withdraw their money from the Dakota Access pipeline, we will withdraw our money from these banks.”

Sacred Stones Camp and Red Warrior Camp make the following requests: