U.S. Bank has become the first major bank in the U.S. to formally exclude gas and oil pipelines from their project financing. This groundbreaking change to their Environmental Responsibility Policy was publicly announced at the annual shareholders meeting in Nashville in April.
In addition to no longer providing “project financing for the construction of oil or natural gas pipelines,” the bank has stated that relationships with their clients in the oil and gas industries will be subject to “enhanced due diligence processes.”
As recently as March 2017, U.S. Bank has renewed commitments with Energy Transfer Partners, the company constructing the Dakota Access Pipeline, and with Enbridge Energy, whose pipelines operate within Minnesota. However, advocates are hopeful that the bank’s newly released policy will limit other kinds of financing relationships with these industries.
“U.S. Bank’s new policy is an important step in protecting the environment and moving towards a fossil free future,” said Wichahpi …
READ MORE ON ECOWATCH.COM