US Bank to Stop Funding Pipelines as Divestment Movement Expands Worldwide

As a nearly ten-days-long global mobilization calling for divestment from fossil fuels comes to an end, climate campaigners are celebrating a major victory stateside: U.S. Bank has announced that it will no longer finance fossil fuel pipeline construction.

“Move to a green economy and a future that does not profit off the destruction of Mother Earth and our communities.”
—Tara Houska, Honor the EarthThe announcement came during the company’s April shareholder meeting, reported MN350, a state arm of international climate justice group 350.org, on Monday.

As a result of the new policy, MN350 observes that the bank will no longer provide “project financing for the construction of oil or natural gas pipelines,” and will also apply “enhanced due diligence processes” to oil and gas industry clients.

“U.S. Bank’s new policy is an important step in protecting the environment and moving towards a fossil free future,” said Wichahpi Otto, a MN350 volunteer, who attended the shareholder meeting in Nashville. “We applaud them for responding to the community and contributing to worldwide efforts to address climate change.”

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The group writes:

“We applaud this progressive decision from U.S. Bank,” said Tara Houska, National Campaigns Director of Honor the Earth. “A strong message is being sent to the fossil fuel industry: we are consumers, we have agency and the right to know how our money is being invested. Move to a green economy and a future that does not profit off the destruction of Mother Earth and our communities.”

Meanwhile, 260 events in 45 countries saw people worldwide campaign for banks to divest from fossil fuel projects. The Global Divestment Mobilization (GDM) ran from May 5 to May 13, and included events in Europe, Africa, Australia, Asia, and South America.

“Divestment is a powerful act of solidarity and justice for the world’s most vulnerable people, a defense of nature and our planet,” said Lidy Nacpil of the Asian Peoples Movement on Debt and Development (APMDD) in a statement.