Ignoring Indigenous Rights and Climate Concerns, Banks Renew Support for Tar Sands

In spite of mounting concerns about threats to Indigenous communities and the global climate, JPMorgan Chase, Wells Fargo, and Crédit Agricole, along with 11 other banks, have doubled down on their support for tar sands pipelines, renewing a $1.41 billion line of credit to Enbridge, the company behind the controversial proposed Line 3 tar sands pipeline.

Earlier this month, a broad coalition of Indigenous and environmental groups sent a letter to the banks urging them to decline to renew the credit facility because of the threat Line 3 would pose to critical water resources and tribal sovereignty.

Honor the Earth National Campaigns Director Tara Houska said: “Over and over again, these banks tell us they have human rights policies, they have indigenous peoples policies. Clearly those policies aren’t working. Banks are complicit in climate change, they’re funding extractive industry. They’re funding sacrifice zones and human rights abuses.”

Sierra Club Beyond Dirty Fuels Campaign Director Kelly Martin said: “Wells Fargo loves to tout the bank’s commitment to responsible investing and transitioning to clean energy, but today’s decision makes it clear that it’s all talk. Tar sands pipelines like Line 3 would be a disaster for our communities and our climate, and any bank that’s helping fund this terrible project and others like it is on the wrong side of history. The growing movement working to hold banks accountable for their reckless investments is not going anywhere. It will only grow louder and stronger until our financial institutions commit to investing in a future that benefits our communities, our economies, our health, and our planet.”

Lorette Philippot, Private Finance Campaigner with Friends of the Earth France said: “By renewing their support to Enbridge and its Line 3 tar sands pipeline, banks are found complicit in violations of Indigenous Peoples' rights and in worsening the climate crisis. Crédit Agricole cannot afford to hide behind its clients anymore. It will be held accountable for its climate-killing activities, just as much as the dirty companies it is continuously backing.”

Rainforest Action Network Senior Campaigner on Climate & Energy Ruth Breech said: “JPMorgan Chase, Wells Fargo and Credit Agricole have missed an enormous opportunity to align their own policies and practices. These banks are showing blatant disregard for universally accepted Indigenous rights of Free, Prior and Informed Consent. Despite financing  commitments to move towards a low carbon economy, these banks continue to fund Enbridge, whose Line 3 project will contribute to climate change and keep us locked into tar sands. Business as usual will no longer be accepted. The banks had an opportunity to act, and they did not. The growing divestment movement will continue to pressure banks until they make the right decisions.”