Figure 8 has joined more than\u00a0130 investors, representing over $685 billion in assets under management, to call upon\u00a0banks financing the Dakota Access Pipeline (DAPL) to address or support the Standing Rock Sioux Tribe\u2019s request to reroute the pipeline and avoid their treaty territory. This coalition is\u00a0encouraging these banks to take urgent action and arrive at a peaceful solution acceptable to all parties.<\/p>\n
At Figure 8, we\u00a0believe that\u00a0the\u00a0banks financing the DAPL are exposing themselves to potential reputational and financial risks, and are\u00a0supporting infrastructure that will add to a warming climate. At a time when we are vigorously trying to reduce carbon emissions, this is a step\u00a0in the wrong direction. We’re not the only ones who believe this, we’ve seen individuals, as well as entities, close accounts worth over $66 million with the aforementioned financial institutions. The most recent example is the City of Seattle<\/a>, whose finance committee voted unanimously to divest $3 billion from\u00a0Wells Fargo, a principal lender for the Dakota Access Pipeline. The City of Seattle has been reported to now be searching for a\u00a0more socially responsible bank to manage the its\u00a0money.<\/p>\n