This week, Atlantic Coast Pipeline (ACP) fighters had an opportunity to send a strong message to one of the primary backers of the proposed fracked gas pipeline threatening our communities.
No, it wasn’t Duke Energy or Dominion Energy. It was Bank of America, the Charlotte-based bank helping these dirty utilities pay for construction of this dangerous, destructive project.
The proposed ACP would run over 600 miles through West Virginia, Virginia, and North Carolina, with the potential to go into South Carolina, slicing through pristine forests, scenic lands, and waterways. In addition to exacerbating climate change by leaking and burning methane, the pipeline’s construction threatens public health, air, and water quality and would disproportionately affect low-income residents, Native Americans, and communities of color.
According to new research from Oil Change International, Bank of America is one of the leading banks on a multibillion-dollar loan covering half the construction cost of the ACP, with Bank of America committing $225 million to the credit facility. With this investment, they are ensuring that Duke and Dominion have access to adequate cash as they seek to build a massive pipeline corridor through our region and their own backyard. Bank of America is also funding the company behind the proposed Mountain Valley Pipeline (MVP), which is being extended into North Carolina.
So as they held a meeting of their board and shareholders in Charlotte, we came out to make sure they heard that we won’t stand by while they fund pipelines like ACP and other dirty fossil fuel projects that threaten our water, our health, our climate, and our communities. From impacted landowners to leaders in the faith community, speakers talked about a multitude of problems with this fracked gas pipeline.
Namely, Dr. Sarah Taber spoke on the economics behind this expensive project, pointing out how unsubsidized solar and wind have been cheaper than fracked gas in North Carolina since 2015 and how there are no industries that both work in North Carolina and are enhanced by gas.
This action was part of a powerful movement happening across the country to hold banks accountable for their role in the buildout of dirty fossil fuel projects. From Albuquerque to Iowa to North Carolina, folks have been out in force this shareholder season to send a message that the days when banks could quietly pour money into destructive projects without the public taking notice are over. If you bank with Bank of America, it’s time to switch. Learn more at sc.org/divestACP
At our rally outside of Bank of America’s shareholder meeting this week, we let them know: We’re watching where they put their money, and we’re not going anywhere.