Target: Barbara J. Desoer, CEO of Citibank
Goal: Divest bank funds from the Dakota Access Pipeline.
It’s not just oil and gas companies that have an investment in the controversial Dakota Access Pipeline – large banks are providing the capital needed to construct the pipeline, and are banking on its success. The 3.8 billion dollar pipeline has received direct funding from a number of institutions, and its parent companies have received even more money for expansion and related projects. The companies funding the pipeline, every bit as much as the companies responsible for building it, are supporting a future of reliance on dirty fossil fuels and disregard for natural resources.
Citibank is just one of 17 banks funding construction of the pipeline – though it has the largest share, and is running the books for Energy Transfer and Sunoco Logistics, two companies that own a large portion of the venture. Citibank was also instrumental in recruiting other financial institutions to join in on the project, including Wells Fargo, SunTrust, Bank of America, Royal Bank of Scotland, and Bank of Tokyo-Mitsubishi. These and other institutions together have loaned Dakota Access LLC $2.5 billion to construct the pipeline. Naturally, they expect to be paid back over time from the pipeline’s success, making these banks enemies of the Standing Rock Sioux, as well as environmentalists and other activists who have rallied in support of the water protectors in North Dakota.
Sign our petition to convince Citibank to spearhead divestment efforts from the Dakota Access Pipeline. And if the banks are unwilling to divest, let the people divest from the banks. If you currently have funds in any of the 17 institutions directly funding the pipeline, please consider pulling your funds and switching instead to a local bank or credit union. (In this, the season of giving, you might also consider supporting the water protectors at Oceti Sakowin camp.)
Dear Ms. Desoer,
I was extremely disappointed to learn of Citibank’s involvement in financing the Dakota Access Pipeline. Not only has your company provided millions in loans for the pipeline’s construction, Citibank also laid the groundwork for other financial institutions to join in, and has been running the books on the project.
Surely I am not the first to tell you that the pipeline jeopardizes local water supplies, as well as sacred lands of the Standing Rock Sioux Tribe. In addition to these clear human rights violations, the pipeline is environmentally irresponsible; it stands only to harm the land, water, and people in its path. This is not a future in which we should invest.
Protests have already been held in front of Citibank locations across the United States. I would also like to draw your attention to another form of protest – one that I believe Citibank might be more receptive to. By signing this petition, I pledge to remove any and all funds I currently hold with Citibank, or any of the other 16 institutions bankrolling construction of the Dakota Access Pipeline, and I will encourage others to do the same. I urge Citibank to withdraw its support from the project immediately, to avoid losing the business of environmentally and socially conscious citizens.
[Your Name Here]
Photo credit: Peg Hunter