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President Donald Trump recently signed a series of executive orders to advance approval of both the Dakota Access and Keystone XL oil pipelines. Army has now notified Congress that the Corps will grant the final permit for the Dakota Access Pipeline to cross under Lake Oahe so the project can be completed. 7 in court filings by the Justice Department which included letters to members of Congress from Deputy Assistant Army Secretary Paul Cramer. Wells Fargo is one of 17 banks that have made a loan to the developers of the pipeline.

The order reversed the Obama Administration’s decisions in November 2015 to deny approval of the Keystone project altogether and, in December 2016, to deny the easement needed for construction to continue on the Dakota Access Pipeline. The company is lending 0 million — 4.8 percent of the total financing — to the project’s .5-billion credit facility.

Mary Wenzel, head of Wells Fargo Environmental Affairs, said the due diligence process included verifying that the project complied with the Equator Principles — a global framework designed to determine, assess, and manage social and environmental risks and impacts of projects such as the Dakota Access Pipeline.

“As a result of what we have learned from the ongoing dispute, we have enhanced our own due diligence in sectors subject to our Environmental and Social Risk Management policy,” said Wenzel.

About 8.9 million to 10.8 million gallons of gasoline could be made a day from that amount. The remaining section of the project, which required approval by the U. Army Corps of Engineers, will transport the crude oil under a reservoir on the Missouri River known as Lake Oahe, near the Standing Rock Sioux Reservation in North Dakota.

Americans used about 385 million gallons of gasoline daily in the U. This section of the pipeline has been the focus of intense and nuanced dispute, with passionate and vocal parties on all sides of the issue.

Protesters have focused much attention on the banks financing the construction of the pipeline, including Wells Fargo, and raised concerns about Wells Fargo’s commitment to environmental sustainability, the rights of indigenous peoples, and the company’s process for making investments in energy projects. 7 vote to sever ties with Wells Fargo after its financial-services contract with the bank ends in 2018 was the first such action by a municipality specifically over the pipeline, and has been followed by some other municipalities.Since 2012, the company has invested more than billion in environmentally sustainable businesses.In 2015, projects owned in whole or part by the company produced 10 percent of all solar photovoltaic and wind energy generated in the U. At the same time, multiple Wells Fargo banking units also have been serving Native American tribes for more than 50 years, providing capital and financial services to the Standing Rock Sioux Tribe and more than 200 tribal entities in 27 states.“Wells Fargo is a company that serves a broad range of industries and constituents by providing financing that supports economic development to satisfy needs within our markets.While there are times when constituents have different interests around a particular project, our businesses will continue to support our customers on both sides of the issue — in this particular case, the pipeline owners and the Standing Rock Sioux Tribe,” said Schouest.




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