JPMorgan Chase & Wells Fargo Double Down on Support for Dirty Tar Sands Pipelines

Dallas Goldtooth – Indigenous Environmental Network in Washington, D.C. fighting the Dakota Access pipeline. Native News Online photo by Levi Rickert

Published December 19, 2017

SAN FRANCISCO – Despite mounting public opposition from a broad coalition of Indigenous and environmental groups, JPMorgan Chase and Wells Fargo renewed their participation in a set of loans totaling $1.5 billion to TransCanada, the company behind the Keystone XL tar sands pipeline.

The banks have faced significant pressure in recent months to divest from the controversial pipeline, which would transport dirty, climate-polluting tar sands through the Midwest to the Gulf Coast for export, threatening Indigenous rights, land, water, and communities along the way.

“This is deplorable. JP Morgan and Wells Fargo have chosen to double down on the plunder of Indigenous lands, to condone violence perpetrated against peaceful water protectors and to further the trampling of Indigenous rights to Free, Prior and Informed Consent. Furthermore, Wells Fargo just announced $50 million worth in grants to Native Americans while dumping billions into tar sands oil development, diminishing the lives of Native Americans at the source. The irony and contradictions cannot and will not go unnoticed. We must stop Tar Sands and keep fossil fuels in the ground!,” says Indigenous Environmental Network campaigner, Dallas Goldtooth.

Sierra Club Beyond Dirty Fuels Campaign Director Kelly Martin said: “Wells Fargo’s PR team loves to tout the bank’s commitment to responsible investing and transitioning to clean energy, but today’s decision makes it clear that it’s all talk. Keystone XL would be a disaster for our communities and our climate, and any bank that’s helping fund this terrible project and others like it is on the wrong side of history. The growing movement working to hold banks like Wells Fargo accountable for their reckless investments is not going anywhere. It will only grow louder and stronger until our financial institutions commit to investing in a future that benefits our communities, our economies, our health, and our planet.”




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