USA: DNB sells stakes in companies involved in Dakota Access Pipeline over indigenous rights concerns

Author: The Local (Sweden), Published on: 22 November 2016

"Norway's top bank drops assets in Dakota Access Pipeline," 18 Nov 2016

…DNB, announced…that it has sold its stakes in companies that are involved in the construction of…Dakota Access Pipeline…DNB spokesman Even Westerveld told Aftenposten that the bank has now cut its funding because of the concerns raised by the Standing Rock Sioux, who say the project violates land treaties, desecrates sacred grounds and threatens the drinking water of millions of people...Massive protests have been held at Standing Rock…sometimes resulting in violent clashes…The bank’s total contributions amount to roughly ten percent of the project’s total costs. “We took the initiative to undergo an independent review of how indigenous rights are safeguarded in this process. In addition, we have intensified the dialogue with our customers to use our position as a bank to influence a solution to the conflict,” Westerveld said…KLP…has also invested in firms involved in the pipeline…A spokeswoman for the Socialist Left Party (SV) commended DNB’s decision…She added that it is important that the oil fund invests in companies that respect indigenous rights...

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Related companies: DnB NOR KLP Forsikring