A group of more than 120 investors has told the 17 banks that are financing the Dakota Access Pipeline (DAPL) that the pipeline needs to be re-routed from its current site.
Last month President Trump signed a memorandum directing the Corps of Engineers to approve completion of the DAPL. Concerned investors wrote a letter and sent it to the banks involved with financing the project.
Most noteworthy of the concerned investors is The California Public Employees’ Retirement System (CalPERS.) As of June 30, 2015, CalPERS boasted 1.8 million members in their total retirement plan. They also have over 3007 employers signed up for their retirement plans which contribute $31 billion in economic activity.
Other investors include New York City teacher and firefighter pensions. Religious organizations and asset management firms were also represented.
“We are concerned that if DAPL’s projected route moves forward, the result will almost certainly be an escalation of conflict and unrest as well as possible contamination of the water supply,” said the statement to banks.
The group is very concerned that investments in the banks could be hurt by a public backlash against the project. Such backlash could come through legal action or boycotts. “As investors, we are very concerned by the representational and potential financial risks due to these banks being associated with DAPL,” the statement said.