Hundreds March from Governor Residence, Urge Chase Bank Defund Line 3

St. Paul, MN – On August 16, hundreds of water protectors gathered in front of the Minnesota Governor’s Residence demanding Gov. Walz put a stop to construction on Enbridge’s new Line 3 tar sands oil pipeline that’s nearing completion in Northern Minnesota. The action then marched to Chase Bank, the largest financier of fossil fuel extraction projects in the world, to urge the bank stop to funding Line 3.

“They are saying that money, and they are saying that profit is more important than the well being of people and mother earth.

Atquetzali Quiroz

Activists in opposition to Line 3 converged on Chase Bank on Grand Ave. and Oxford St. One of the organizers urged protesters to call Jamie Dimon, CEO of JPMorgan Chase, to demand that they de-fund the Line 3 oil pipeline project. It is at a critical point because the pipeline is almost finished.

Banks and investment firms that are funding the Line 3 pipeline include: BlackRock, JPMorgan Chase, Liberty Mutual, and Wells Fargo. JPMorgan Chase provided $1.5 billion in “sustainability” loans to Enbridge. Sustainability linked loans are any types of loan instruments and/or contingent facilities (such as bonding lines, guarantee lines or letters of credit) which incentivize the borrower’s achievement of ambitious, predetermined sustainability performance objectives.

So in other words, Enbridge uses electric vehicles and solar power to build their pipelines, but ignore the environmental impact the oil pipeline brings since there is no incentive for them.

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