ABN AMRO is not financing Dakota Access Pipeline
- Sustainability
In recent weeks there has been a lot of media attention for demonstrations by the Standing Rock Sioux tribe and several environmental protection organisations against the construction of the Dakota Access Pipeline in the US state of North Dakota. Banks involved in financing this project are also being held accountable by the protesters, who are demanding that these banks stop financing the pipeline. The Dakota Access Pipeline is being financed by a consortium of 17 banks, which does not include ABN AMRO.
ABN AMRO has relations with Energy Transfer Equity, the parent company of Energy Transfer Partners, which in turn holds a 38% stake in the pipeline. ABN AMRO has provided Energy Transfer Equity with financing for its day-to-day operations.
ABN AMRO is aware of the concerns expressed by the Standing Rock Sioux and the environmental protection organisations with regard to the Dakota Access Pipeline. In line with ABN AMRO’s policy for sustainable banking, the bank continuously consults with Energy Transfer Equity on developments regarding the Dakota Access Pipeline. In these consultations, ABN AMRO explicitly discusses concerns regarding the project.