fbpx
Cyber-wellness Means Cyber-awareRead more Addressing maternal mental healthcare in AfricaRead more Qatar v. Ecuador to kick off FIFA World Cup 2022™ on 20 NovemberRead more Webb Fontaine Announces Launch of Niger National Single Window (NNSW) to Bolster TradeRead more Ethiopia: Loan from United Nations Fund Allows Food and Agriculture Organization (FAO) to Scale Up Fertilizers for Farmers in TigrayRead more How Choosing the Right Printer Helps Small Businesses and Content Creators to Save Time, Maximise Productivity and Achieve GrowthRead more Eritrea: World Breastfeeding WeekRead more Eritrean community festival in Scandinavian countriesRead more IOM: Uptick in Migrants Heading Home as World Rebounds from COVID-19Read more Network International & Infobip to offer WhatsApp for Business Banking Services to Financial Institution Clients across AfricaRead more

Bank of America latest to say no to financing Arctic drilling

Print Friendly and PDF

Dec 01, 2020 - 12:40 PM

NEW YORK — Bank of America said Monday that it would not finance oil and gas drilling projects in the Arctic, the latest large US bank to take the step long sought by environmental advocates.

A Bank of America spokesman confirmed the decision to AFP after it was initially reported by Bloomberg.

Environmental protection organization the Sierra Club welcomed the news.

“Goldman Sachs, Morgan Stanley, Chase, Wells Fargo and Citi have all announced similar policies this year,” the NGO said in a statement.

“Bank of America has faced mounting pressure in recent months from indigenous communities, environmental advocates and shareholders to follow suit.”

The decision comes after outgoing US President Donald Trump’s administration in mid-November launched the formal process of selling oil drilling leases in the Arctic National Wildlife Refuge in the US state of Alaska.

The refuge is home to a number of protected animal species, including polar bears and caribou.

Sales could in theory occur before President-elect Joe Biden takes office on January 20, though some analysts doubt the process can be concluded by then.

With oil prices low at around $45 per barrel, it is also not clear how much interest the leases will generate, given their location far from major infrastructure and the costs required.

“It has long been clear that drilling in the Arctic Refuge would trample indigenous rights, threaten vulnerable wildlife and worsen the climate crisis,” said the Sierra Club’s Ben Cushing.

“Now that every major American bank has stated unequivocally that they will not finance this destructive activity, it should be clearer than ever that any oil company considering participating in Trump’s ill-advised lease sale should stay away.”

  • bio
  • twitter
  • facebook
  • latest posts

LMBCBUSINESS.COM uses both Facebook and Disqus comment systems to make it easier for you to contribute. We encourage all readers to share their views on our articles and blog posts. All comments should be relevant to the topic. By posting, you agree to our Privacy Policy. We are committed to maintaining a lively but civil forum for discussion, so we ask you to avoid personal attacks, name-calling, foul language or other inappropriate behavior. Please keep your comments relevant and respectful. By leaving the ‘Post to Facebook’ box selected – when using Facebook comment system – your comment will be published to your Facebook profile in addition to the space below. If you encounter a comment that is abusive, click the “X” in the upper right corner of the Facebook comment box to report spam or abuse. You can also email us.