The Keystone XL (KXL) tar sands pipeline was just approved by Nebraska's Public Service Commission, but there is some good news. The PSC has approved an alternative route that TransCanada, the company behind the pipeline, has called unworkable.That means TransCanada still has multiple hurdles to overcome -- so this pipeline may never be built. That gives Sierra Club and our allies the perfect opportunity to fight back by urging banks to stop funding Keystone XL. It's becoming clear that pipelines are a risky investment. TransCanada has publicly stated that they aren't sure Keystone XL will ever be built. They’re having a hard time finding enough customers, and oil industry insiders say there’s no need for more tar sands. We can stop the tar sands at the source by stopping TransCanada’s funding from Wells Fargo.
Funding Keystone XL is out of line with Wells Fargo's public commitments to both climate action and respect of Indigenous rights. The pipeline would carry 830,000 barrels of the world's dirtiest oil -- tar sands -- every day from Alberta, Canada, to the U.S. Gulf Coast. It would be responsible for annual greenhouse gas emissions equal to 37.7 million cars -- a disaster for our climate. Keystone XL would cross the Ogallala Aquifer, which is one of the country's largest sources of freshwater. A spill in the aquifer would threaten the drinking water for millions of people. It would also cut directly through Sioux treaty lands and near several other reservations and the Ponca Trail of Tears -- yet Tribal Nations in Nebraska and South Dakota have not been properly consulted.
Wells Fargo has an opportunity right now to move away from the financial and reputational risks of Keystone XL. Along with JPMorgan Chase and others, Wells Fargo currently supports two loans to TransCanada totaling $1.5 billion, which will come up for renewal this December. Wells Fargo can stop this funding right away and move to end all of its investments in KXL and tar sands.
When we stand together, we are stronger than Big Oil's money, and in this moment we can still fight back by showing Wells Fargo that they will be held publicly accountable for betting against our climate by investing in dirty fuels. Send your message now.
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