BNP Paribas announced Wednesday that it had sold its US$120 million share in the joint US$2.5-billion Dakota Access Pipeline loan, becoming the third bank of the 17 involved to cut ties to the oil project amid a major divestment campaign by Native Americans and activists that was pushed for after the revival of the pipeline by the Trump administration.
The bank became the third lender to sell its shares in the controversial project as Native Americans continue their divestment push.
“The decision to divest the loan was made following an extended and comprehensive review of the project including consultation with all the relevant stakeholders,” the French bank said in a statement announcing the move. “The sale of our stake signals the importance of full and detailed consultation on projects that impact large numbers of stakeholders.”
BNP Paribas joins ING and DNB banks which divested from the project late last month citing issues with how the project affected the Indigenous people in North Dakota and the fact that they were not consulted about the pipeline that would run through their sacred lands and possibly damage their water source.