Norwegian fund coming to america to assess DAPL
Norway’s pension fund Kommunal Landspensjonskasse (KLP) has become the newest in a very string of indirect investors within the controversial Dakota Access Pipeline (DAPL) project to assess the state of the DAPL construction as tension and violence in north dakota still escalate.
This time, the investor, KLP, is causation a staff member to the location in north Dakota to assess the situation for itself, Investment & Pensions in Europe (IPE) reported on Monday.
“Actually being on the ground can facilitate us get a much better understanding of things, particularly with a case like this one, wherever there's such a groundswell of engagement, and facilitate us sense what the feelings are,” IPE quoted Annie Bersagel, KLP’s in-house adviser on responsible investments, as saying.
According to a KLP statement from last week, KLP and its mutual funds are invested via various funds in Phillips 66, Enbridge inc, Energy Transfer Partners and Marathon petroleum Corporation. The investments, via equity and bonds, were created many years before the conflict erupted.
According to Bersagel, as quoted by IPE, there are 3 aspects of the problem: one is that the risk of contamination of drinking water; another is that the rights of indigenous people; and a third issue is that the use of violence against protesters and whether or not this might be viewed as a violation of human rights.
At the start of this month, another Nordic investor in Dakota Access, Norwegian bank DNB, said it had been rethinking its call to doll out $342.36 million in loans to construct the pipeline—a figure that represents regarding ten % of the project’s total. DNB said that it might rescind its supply to finance a little of the project if the concerns of the Native American tribes currently opposing the pipeline’s construction go unaddressed.
Early last week, whereas the protests against the pipeline were turning violent, Sunoco logistics Partners (NYSE:SXL) said in a very statement that it had agreed to buy Energy Transfer Partners (NYSE:ETP) – the company building DAPL – in a very unit-for-unit deal that caused the shares of each companies to plummet on the stock market.