Doug Jackson, 202.495.3045 or doug.jackson@sierraclub.org
WASHINGTON, D.C. -- A new report from Oil Change International shows that eight major banks have upped their stakes in the controversial fracked gas Mountain Valley Pipeline, even though the project is years behind schedule, has nearly doubled its original budget, and is nowhere close to finished. The banks’ bet looks even worse following a recent court order staying a crucial permit, in response to a lawsuit arguing the permit was unlawfully issued, adding more uncertainty to an undertaking that is supposedly spending $20 million a month even as the project is stalled.
In response, Joan Walker, Senior Campaign Representative for the Sierra Club’s Beyond Dirty Fuels Campaign, released the following statement:
"Common sense says that when you’re in a hole, you stop digging, but the big banks’ bad bet apparently has them all-in on this dirty, dangerous fracked gas pipeline. The smart thing to do would be to cut their losses and walk away before the Mountain Valley Pipeline gets cancelled like the Atlantic Coast Pipeline did. Clean, renewable energy is affordable and abundant, and a much better bet than this billion-dollar bust.”
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The Sierra Club is America’s largest and most influential grassroots environmental organization, with more than 3.5 million members and supporters. In addition to protecting every person's right to get outdoors and access the healing power of nature, the Sierra Club works to promote clean energy, safeguard the health of our communities, protect wildlife, and preserve our remaining wild places through grassroots activism, public education, lobbying, and legal action. For more information, visit www.sierraclub.org.