Investors Call for Due Diligence on Line 3, Oil Sands Projects, and FPIC
March 30, 2022
Investors are calling on banks to conduct robust corporate Human Rights Due Diligence related to financing oil sands projects and clients developing these projects. Prompted by the significant protest, litigation, and opposition led by Indigenous Peoples opposing the Enbridge Line 3 tar sands pipeline, investors representing over $2 trillion sent a letter to ten banks requesting disclosure on their policies and commitments. Investors are concerned that many of the banks that provided corporate loans and underwriting to Enbridge before and during the Line 3 project have not met their ESG (Environmental and Social Governance) and human rights commitments. Read the full statement here.
"Protecting the human, social, and environmental rights of Indigenous Peoples is a critical part to solving the climate crisis. Whether through project financing or general corporate lending, banks have a responsibility under the UN Guiding Principles on Business and Human Rights to identify, prevent, and mitigate human rights impacts that they cause or contribute to. It is vital that companies conduct due diligence on Indigenous Rights to ensure human rights violations such as those associated with Enbridge Line 3 are not repeated."
Courtney Wicks
Executive Director
