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The Standing Rock Sioux Tribe is pleased to announce BNP Paribas has sold its shares in the loan to the Dakota Access Pipeline (DAPL). Representatives from the bank contacted the Tribe to share the news on Wednesday, April 5, 2017.
The Tribe commends the bank’s decision, which sends a strong message about the need for banks to respect Free, Prior and Informed Consent in their lending practices. BNP Paribas is the third bank in the DAPL loan consortium to divest, following similar actions by DNB and ING.
“As corporate greed continues to fuel dirty energy projects on our land, it is heartening to see that some banks recognize the imminent harm to our people posed by DAPL, and are taking actions accordingly,” said Dave Archambault, Chairman of the Standing Rock Sioux Tribe. “We appreciate BNP Paribas, ING and DNB leadership and their advanced understanding and respect of tribal sovereignty and Indigenous Peoples rights.”
The Tribe has met with the majority of project lenders to DAPL, but few have taken concrete actions. Later this month, tribal leaders will attend Wells Fargo’s annual meeting, where shareholders will vote on a proposal instructing the bank to improve its policies and practices on the rights of Indigenous Peoples. Similar proposals are being voted on by shareholders of Enbridge and Marathon Petroleum, two oil companies with minority ownership stakes in DAPL.
The Tribe will continue to pursue divestment, shareholder advocacy and other tactics to show that Energy Transfer Partners’ conduct is unacceptable business practice. The power of people speaking out against the Dakota Access Pipeline is greatly appreciated and today’s announcement by BNP Paribas is proof the fight continues and we look forward to further progress with the investment community, as well as in the courts.