Virginia landowners, environmentalists urge divestment to stop proposed natural gas pipeline

Opponents of a proposed natural gas pipeline in Virginia are starting a divestment campaign, a tactic that has grown in popularity among climate and anti-pipeline activists in recent years, to persuade banks to end their financing of the Mountain Valley Pipeline. Landowners and environmentalists opposed to the southwestern Virginia pipeline are calling on customers to move their money out of the top six U.S. banks behind the pipeline,
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led by Bank of America and Wells Fargo. The “Defund MVP” campaign joins a growing movement of communities, tribes, and, cities across North America — from the Keystone XL pipeline to the Dakota Access Pipeline — that are targeting the financing behind pipeline projects “Our analysis shows that Bank of America and Wells Fargo are signed up to funnel the most money into this polluting pipeline,” said Lorne Stockman, a senior research analyst at Oil Change International who co-authored a new report on how the Mountain Valley Pipeline would be financed. “These same banks are embroiled in a backlash over their funding for the Dakota Access Pipeline and major tar sands pipelines. The Mountain Valley Pipeline is another black eye.”

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