As Another Major Investor Divests From Tar Sands, Will Wells Fargo Get the Message?

Today, international financial services company NN Group announced that it will withdraw funding for tar sands pipeline companies including TransCanada and Enbridge, the companies behind Keystone XL and Line 3, respectively, citing concerns about climate impact and human rights abuses associated with tar sands pipelines.

The announcement comes ahead of the October 16 expiration of a $1.48 billion line of credit from major American banks like Wells Fargo to Enbridge. Banks including BNP Paribas and others have made similar commitments not to finance tar sands, but so far Wells Fargo has continued its support for the companies behind these controversial pipelines.

Enbridge’s proposed Line 3 tar sands pipeline has faced enormous public opposition in Minnesota because of the threat it poses to clean water, climate, and Indigenous rights.

In response, Sierra Club Campaign Representative Ben Cushing released the following statement:

“Tar sands pipelines threaten our climate, communities, and clean water, and we applaud NN Group for their decision to stop funding these dangerous projects. Wells Fargo should take notice -- the tide is turning against investments in dirty fossil fuel infrastructure, and the international movement calling for divestment from tar sands isn’t going anywhere. Next week, Wells Fargo has a decision to make: double down on its support for the dirtiest fuel source on the planet, or take a step towards more responsible investing. For the sake of our climate and communities, we urge them to make the right choice.”