Friday, March 3, 2017

Private investor divests $34.8m from firms tied to Dakota Access pipeline

Norway’s largest private investor is divesting from three companies tied to the Dakota Access pipeline, a small victory for the Standing Rock movement one week after the eviction of the main protest encampment.

Storebrand, a sustainable investment manager with $68bn in assets, sold off $34.8m worth of shares in Phillips 66, Marathon Petroleum Corporation, and Enbridge, the company announced Wednesday. The three companies are partial owners of the pipeline.

“We hope that our actions and the actions of other likeminded investors in either divesting or calling for an alternative route will make some sort of an impact,” said Matthew Smith, the head of Storebrand’s sustainability team.
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