Bank of America has ruled out financing oil drilling in the Arctic region, including the Arctic National Wildlife Refuge, according to Bloomberg. It joins all other major American banks – Goldman Sachs, Morgan Stanley, Chase, Wells Fargo, and Citi – who announced similar policies earlier this year.
Which oil companies are drilling in the Arctic?
Yet major companies like Shell and Exxon are making aggressive moves to usher in a new “oil rush” in the Arctic Ocean. In some places it has already begun. Russian oil giant Gazprom has already begun producing small amounts oil from the Arctic in the ocean north of Russia.
Is Wells Fargo leaving Alaska?
Wells Fargo & Co. called out the Arctic National Wildlife Refuge on Alaska’s North Slope as an area it will avoid, joining Goldman Sachs and JPMorgan Chase in disclosing that it will not support investments for Arctic oil projects. … Wells Fargo is the largest bank in the state, holding $6.1 billion in deposits.
What banks are funding oil drilling?
Yesterday, Bank of America said it is ruling out financing for oil and gas development in the Arctic, including the Arctic National Wildlife Refuge. This follows similar moves by Goldman Sachs, JPMorgan Chase, Wells Fargo, Citi, and Morgan Stanley.
Does Wells Fargo support oil drilling?
Wells Fargo committed to ruling out funding oil and gas drilling in the Arctic region, including the Arctic National Wildlife Refuge, according to the company’s updated environmental and social risk management policy. … “The Arctic Refuge is critical to our people’s food security and way of life.
Why is Arctic oil drilling bad?
The vast size, remote location, and extreme weather conditions—combined with the complete lack of infrastructure for responding to oil spills—make drilling in the Arctic Ocean extremely dangerous. Our ability to respond to emergencies and oil spills is severely limited.
Why oil drilling in Alaska is bad?
Oil development would bring roads, airstrips, heavy machinery, noise and pollution. This would damage the refuge’s fragile tundra ecosystem and disrupt age-old migration and denning patterns for caribou, polar bears and other animals.
Why is drilling for oil bad?
Exploring and drilling for oil may disturb land and marine ecosystems. Seismic techniques used to explore for oil under the ocean floor may harm fish and marine mammals. Drilling an oil well on land often requires clearing an area of vegetation.