NEW YORK // February 23, 2017
Transform Finance has joined over 130 investors asking the banks backing the Dakota Access Pipeline to address meaningfully the concerns raised by the Standing Rock Sioux Tribe around the impact of the pipeline on their territorial self-determination.
The banks financing the project are directly implicated in the consequences of the project and they have already seen significant losses and reputational costs, as well as likely legal liabilities. The concerns of Transform Finance, however, transcend the pure investor case around the potential impact on their holdings. “From the perspective of our Investor Network, it's not just a matter of returns and reputation: it's about ethics and about what finance is supposed to do: support the long-term well-being of humanity and the planet,” said Andrea Armeni, Executive Director of Transform Finance, who led the Investor Network’s efforts in this regard.
In line with its longstanding position that all stakeholders, and in particular communities, should have voice and governance over projects that affect them, Transform Finance sees as a positive sign that this broad investor coalition, representing over $685 billion in assets, expressed specific concern that a solution to the current controversy be acceptable to all parties, including the tribe.
The statement was directed to 17 banks, including Bank of Tokyo-Mitsubishi UFJ, Bayerische Landesbank, BancoBilbao Vizcaya Argentaria, BNP Paribas, Citibank, Crédit Agricole, DNB, Industrial and Commercial Bank of China, ING, Intesa Sanpaolo, Mizuho Bank, Natixis, Société Générale, Sumitomo Mitsui Banking Corp., SunTrust Bank, Toronto-Dominion Bank, and Wells Fargo.
Transform Finance, a nonprofit organization aiming to bridge the worlds of capital and social justice, convenes a community of asset owners, the Transform Finance Investor Network (TFIN), who have pledged $1.2 billion to be invested in accordance with the principles of deep community engagement in design, governance, and ownership; non-extractiveness; and fair allocation of risk and return.
For more information, contact Isabelle Clérié at email@example.com.