As residents of Virginia and West Virginia, we have been asked over and over to sacrifice our safety, security, health, and regional economy for dangerous fossil fuel projects that boost the profits of corporations and their wealthy investors, while leaving us to bear the costs. Years behind schedule and billions of dollars over budget, the Mountain Valley Pipeline boondoggle has become the latest example of how far the fossil fuel industry and the financial sector will go to force these failing projects through, even as demand plummets and renewable energy surges forward. According to Oil Change International, “Eight of the leading personal banking services in the United States continue to account for the bulk of the project’s top ten investors, and they have significantly increased their funding for the project since May of 2017. Through bonds, loans and revolving credit, these banks have more than tripled their financing from $1.25 billion to $9.5 billion, more than enough needed to cover the costs of the pipeline, including the cost of planned capacity expansion and a new proposed extension.”
Is Your Bank a Key Backer of the Mountain Valley Pipeline? Quit them.
According to new research by Oil Change International, eight major U.S. ‘main street’ banks – JP Morgan Chase, Bank of America, TD, PNC, Union Bank, Wells Fargo, Citigroup and U.S. Bank – are key financial backers of the Mountain Valley Pipeline. These banks are ensuring that MVP has access to adequate cash to finish its desperate, self-serving fracked gas pipeline to nowhere.
Join the Movement to Divest from MVP!
Enough is enough. Commit to move your personal finances out of institutions bankrolling the destruction of our future – and call on them to defund the Mountain Valley Pipeline. Virginia and West Virginia residents are joining a movement of communities around the globe who are taking action to demand that big banks stop funding climate-wrecking pipelines.
Click Here for the #DivestMVP Virtual Tool Kit!
Complete the following steps to move your money out of the key banks behind the Mountain Valley Pipeline.
Step 1: Move Your Money. Close your personal banking and credit card accounts at Bank of America, Wells Fargo, and other major banks behind the pipeline. Resources for moving your money from Stop the Money Pipeline.
Step 2: Tell your bank why you are leaving. After you go to your bank and publicly close your account, write to Executives and Managers at the bank to explain your reasons. Click here and join this action from Sierra Club!
Step 3: Share this Page. Share this link – https://powhr.org/divestmvp/ – with your friends and ask them to stand with you to stop funding the destruction of Appalachia and the planet. Click here to share it on Facebook, or here to share it on Twitter.
Check out these resources to learn more about the banks behind MVP and the movement to defund pipelines:
- Read the Oil Change briefing: “New Money Behind the Mountain Valley Pipeline.”
- Stop the Money Pipeline!
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