The financial giant ING has sold its stake in the $2.5bn loan financing the Dakota Access pipeline, the latest victory for the anti-pipeline divestment campaign that comes as the project is set to begin transporting oil.The Dutch banking and financial services company is the first of a group of 17 banks to divest from the loan that financed the project. ING’s share in the loan was $120m.
Watch more on link below:
Private investor divests $34.8m from firms tied to Dakota Access pipeline
The buyer of the loan was not disclosed. Under the terms of the sale, ING will retain some of the risk in the event of default.
ING’s decision followed a 10 February meeting with the Standing Rock Sioux tribe, which argued that the pipeline’s route – crossing under the Missouri river just north of the tribe’s reservation – threatened its water source and violated its treaty rights.
“We are heartened that ING has made the conscience decision to remove itself from a project that tramples on the rights of sovereign nations,” the Standing Rock Sioux tribal chairman, Dave Archambault, said in a statement.