DAPL Fallout Continues: Defund Movement Passes $5 Billion

The movement to defund the Dakota Access Pipeline is rapidly gathering momentum, as individuals, cities and tribes have taken more than $5 billion from banks that have financed DAPL.According to the website defunddapl.org, which is maintained by several groups involved in the water protector movement that protested DAPL near the Standing Rock Sioux reservation in North Dakota for many months, individuals have taken away $76 million in deposits from DAPL banks while institutions have defunded those banks of more than $5.3 billion.
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The city of Seattle remains the biggest de-funder to date, having voted to remove more than $3 billion in deposits from Wells Fargo Bank. But there has been a steady drumbeat of disinvestment in the weeks since Seattle acted early in February, according to ICMN and media reports. That includes two of the original bank funders of the pipeline.DNB, Norway’s largest bank and one of the original funders of the pipeline, has sold its DAPL loans and ended its involvement in the pipeline. DNB Capital, a unit of DNB Bank, had made a financing commitment of $175 million for DAPL, and was one of 26 DAPL funders. That amount was equal to 4.7 percent of the total financing.Dutch financial giant ING recently sold a $120 million stake in the pipeline, according to news reports. ING Capital LLC was an original $75 million funder of the pipeline.

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