Divestment Activists Focus on Moving the Money

Divestment Activists Focus on Moving the Money

It’s been almost six months since Seattle announced a break-up with Wells Fargo over their financing of the Dakota Access Pipeline and other unethical practices. Alameda, Santa Monica, San Francisco, Berkeley, New York City, Philadelphia, and Los Angeles have since followed. But have these cities actually divested?

City of Davis Divests from Wells Fargo

City of Davis Divests from Wells Fargo

The City’s banking business is about $125 million, so tiny compared to Seattle and SF, but this shows it can be done without a lot of hoopla, and it doesn’t need to take years to carry out. We are proud that our Council’s vote in February was taken the same week as Seattle took its action to begin the process of divestment.

No, US Bank Has Not Stopped Funding Pipelines Yet

No, US Bank Has Not Stopped Funding Pipelines Yet

 If you take a closer look at US Bank’s 2017 Environmental Responsibility Policy, you’ll see they have only committed to cease “project financing.” There’s the rub- despite this new policy, U.S Bank continues to provide hundreds of millions of dollars of corporate financing to pipeline companies for general use, including pipeline construction.