The situation in Anishinaabe territory is dire right now.
Enbridge is spilling drilling fluid in wetlands next to the Mississippi headwaters as it builds the Line 3 pipeline and Water Protectors are chaining themselves to drilling equipment to prevent Enbridge from violating Anishinaabe treaty rights.
On Friday, cops assaulted peaceful Water Protectors using tear gas, mace, and rubber bullets. After brutalizing them, police arrested twenty people, including Giniw Collective founder, Tara Houska. The Water Protectors were kept in jail over the weekend, denied medications, placed in solitary and given moldy and inedible food to eat.
This brutality, it is important to remember, is being directly paid for by Enbridge, the fossil fuel company that literally bought the tear gas that police used last week.
Despite all of this, in June, major banks, such as JPMorgan Chase and Citibank, facilitated $1.5 billion in so-called “sustainability bonds” for Enbridge.
Sustainability-linked bonds sound good, but when you look more closely you’ll see they’re close to meaningless. Enbridge’s “sustainability” bonds reward the company for reducing emissions from its buildings and vehicles (in technical terms known as Scope 1 and Scope 2 emissions), but do nothing to address the human rights abuses happening in Minnesota or oil that flows through its pipelines and is responsible for 99% of its climate pollution (also known as Scope 3 emissions).
According to Wall Street, so long as Enbridge uses electric vehicles and solar power to build their oil pipelines, everything is fine. This kind of corporate greenwashing is the new climate denial. That’s one reason why we launched Deadline Glasgowlast week, an all-hands-on-deck campaign, demanding genuine, transformational climate action by the start of the Glasgow Climate Talks.
It’s now just 90 days until the start of Glasgow and Line 3 is a litmus test for Wall Street ahead of this historic climate moment. If banks continue funding Line 3, they should not be welcome at the Glasgow Talks ― and we should take every action possible to expose and shame their greenwashing.
Last week, we did receive some good news. Three major loans to Enbridge were not renewed, just as we had demanded. However, we have no reason to believe that is because banks did the right thing. It is more likely that Enbridge simply decided they didn’t need the loans anymore ― because they’ve already bought all of the pipeline they need to build Line 3 and because they’d received billions in BS “sustainability” financing the month before.
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