Lately, you've probably heard the word divestment used in the same sentence as Wells Fargo and Dakota Access pipeline. That's because earlier this month, the city council of Seattle unanimously voted to divest $3 billion of state funds from Wells Fargo, one of 17 banks funding the project that could threaten water supplies and native lands around the pipeline.
Not long after Seattle's vote, Davis and Santa Monica, California, followed suit, and now major cities like New York are openly speaking out against Wells Fargo. "As someone with a leadership role in funds that are long-term investors in shares of your bank, I am profoundly troubled by the risks you are taking by involving your institution in this controversial project," NY mayor De Blasio wrote in a statement to the bank's CEO last Friday.
On a broader scale, European governments are driving large-scale divestments across entire countries. Earlier this month, the Irish Parliament passed the first stage of a bill that will make the $9 billion Ireland Strategic Investment Fund sell all of its coal, oil, and gas investments over the next five years.