Banks that pulled funding from the Dakota Access Pipeline due to strong public opposition are now teaming up with the pipeline’s developer on another controversial fossil fuel project. Energy Transfer Partners, the lead developer of the Bayou Bridge Pipeline in south-central Louisiana, is using the lessons it learned from the Dakota Access Pipeline saga to win both financial and political support.
Bayou Bridge LLC, the company building the pipeline, is a partnership between Energy Transfer Partners and Phillips 66, whose primary business is petroleum refining. Two banks that pulled funding from Energy Transfer Partners’ Dakota Access Project due to public opposition — DNB Capital and US Bank — are both financing Bayou Bridge through credit agreements with Phillips 66 and Energy Transfer, according to a new report released Thursday by the Public Accountability Initiative (PAI), a nonprofit public interest research group.
Think Progress – Mark Hand -01.11.18
Posted by Nelson Bailey