Foreign Bank Reconsiders Funding For Dakota Access Pipeline

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As if the Dakota Access Pipeline project didn’t already have enough problems, Norwegian bank DNB, is rethinking its earlier decision to doll out $342.36 million in loans to construct the pipeline—a figure that represents about 10 percent of the project’s total, according to Norwegian daily Aftenposten.

In addition to DNB, pension funds for over 650,000 Norwegians managed by the National Local Government Pension Fund (KLP) also hold stake in companies that own DAPL. KLP is now reviewing the matter as serious and will attempt to discuss with the companies “behind the project who are accused of violating human rights.”

In what appears to be solidarity with the Native Americans protesting the pipeline, along with various celebrities who have also latched onto the cause, as well as Anonymous, DNB said late on Sunday that it would rescind its offer to financing a portion of the project if the concerns of the Native American tribes currently opposing the pipeline’s construction go unaddressed.

“DNB looks with worry at how the situation around the pipeline in North Dakota has developed. The bank will therefore take initiative and use its position to bring about a more constructive process to find a solution to the conflict,” read a statement issued by the bank, adding that it would “consider its further involvement in the financing of the project” if “these initiatives do not give appeasing answers and results,” according to a statement.

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Chuck comes from a lineage of journalism. He has written for some of the webs most popular news sites. He enjoys spending time outdoors, bull riding, and collecting old vinyl records. Roll Tide!

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