DivestMVP: Stop funding for the Mountain Valley Pipeline

It’s time for banks to stop funding fracked gas and the dangerous Mountain Valley Pipeline. This massive, dirty energy project is over three years and $3 billion over budget, and is harming communities, waterways and ecosystems across Appalachia -- yet banks keep pouring billions of dollars into developers’ coffers. Now, at the height of the COVID-19 pandemic, developers are rushing to bring thousands of workers into vulnerable rural communities that are experiencing some of the highest infection rates in the region.

The MVP is already an environmental disaster, having been fined over $2 million for more than 350 water quality violations and threatening over 1,000 sensitive rivers, streams, and drinking water sources. If built, it would bring with it the danger of life-threatening explosions and result in greenhouse gas emissions equivalent to over 25 coal-fired plants every year! Tell Bank of America, Wells Fargo, JP Morgan Chase and other MVP backers to #DivestMVP now!

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Stop funding for the Mountain Valley Pipeline

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Stop funding Mountain Valley Pipeline -- it's a bad investment for your shareholders and for communities I urge you to cease funding EQM Midstream Partners (EQM), developer of the fracked gas Mountain Valley Pipeline (MVP). Just like the recently-abandoned Atlantic Coast Pipeline, MVP is a losing business proposition. It’s three years behind schedule and $3 billion over budget. Plus, it still lacks federal permits required to complete construction. At the height of the COVID-19 pandemic, developers want to bring thousands of workers into rural communities in West Virginia and Virginia, endangering lives in communities where cases are on the rise and ICU beds are insufficient to handle an inevitable outbreak. Funding this project is antithetical to your institution’s climate commitments. If completed, it would result in almost 90 million metric tons of greenhouse gas emissions annually -- equivalent to 37 average U.S. coal plants. How can you tell customers you care about climate change while pouring tens of millions of dollars into this pipeline? MVP developers are misleading the public and investors alike. They claim that MVP is 92% complete, but that figure is misleading. In reality, the project is nowhere near complete. MVP’s own documentation shows that as of October 23, 2020, only about half of the pipeline is complete to final restoration (see the latest filings with the Federal Energy Regulatory Commission here: https://sc.org/35DKbZ3). The project has been fined $2 million for 350 separate environmental violations. MVP is allegedly not paying its bills, and its majority owner, EQM Midstream Partners, recently received a Negative rating outlook from Fitch Ratings based on uncertainty and risk. Stop throwing good money after bad, and divest from MVP.