The Dakota Access Pipeline project in the USA
22/02/2017 - Societe Generale is one of several banks involved in the financing of the Dakota Access Pipeline project located in the United States of America.
In the framework of its business activities, Societe Generale only supports projects that are in compliance with all the rules and regulations in the jurisdiction in which it operates, and in accordance with the Group’s Environmental and Social General Guidelines and with the Equator Principles adopted by financial institutions for determining, assessing and managing environmental and social risk.
The Bank is however concerned by the protests this project has generated, and has raised theses views with the client and the other lenders. Furthermore, Societe Generale is one of the banks that had discussions with a representative of the Standing Rock Sioux tribe.
Societe Generale took note of the recent US government decision to issue all necessary easements which give the green light to complete the construction of the project.
The Bank cannot withdraw from the project due to its contractual commitment to the financing alongside other French and international banks. It is therefore not legally possible to step away at this stage.
Societe Generale will continue to closely monitor the situation. The Bank urges all parties to reach a peaceful resolution within respect of the rule of law, through processes afforded by the Court system.
The Bank plays an active short- and long-term role in supporting the economy and remains attentive to stakeholders with influence on the banking sector. Shareholders, customers, investors or suppliers, the consideration of our stakeholders is at the heart of our responsible approach.