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Seattle shuns financial backers of Keystone XL pipeline

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Seattle shuns financial backers of Keystone XL pipeline

The Seattle City Council passed a resolution to avoid doing business with banks that are financially backing the Keystone XL oil pipeline, The Seattle Times reported April 3.

In a unanimous vote opposing the oil pipeline, the council directed the city's finance department to avoid contracting financial institutions that provide loans or other financial services to pipeline builder TransCanada Corp., the publication reported.

Wells Fargo & Co., JPMorgan Chase & Co., Citigroup Inc.'s Citibank, Bank of Montreal, Bank of Nova Scotia, and Royal Bank of Canada are among the financial institutions backing the pipeline, according to The Seattle Times.

Although the pipeline would not pass Seattle, activists say the project would cause devastating environmental consequences, the report noted.

After years of delay, TransCanada in March secured a presidential permit from the U.S. Department of State for the construction of the oil pipeline.

In February, the Seattle City Council voted not to renew its contract for Wells Fargo's bank depository services, partly due to pressure over the bank's financial backing of the Dakota Access Pipeline, as well as regulators' enforcement orders in connection with its fake accounts scandal.