Read the latest insights and analysis from the experts at Oil Change International.
US main street banks like Wells Fargo and Bank of America have provided loans to Mountain Valley Pipeline since the beginning. These banks have continued pouring money into the project over recent years, despite numerous warnings that the project has been financially unsustainable, a threat to the climate and environmental justice communities in Appalachia.
La Banque Postale, which is a relatively small but progressive bank in France, has set an international precedent against oil and gas expansion. The bank, which was already committed to ensuring that its banking activities achieve net zero carbon emissions by 2040, announced a complete withdrawal from fossil fuels by the 2030. Will other banks now follow?
Across North America and beyond, a growing movement of communities, tribes, and cities is pushing banks to divest from dirty pipelines – going directly after the money that enables the construction of new fossil fuel infrastructure. Now landowners in Virginia and West Virginia are opening up a new front in the push to #DefundPipelines.
