Wells Fargo Announces Ban On Financing Arctic Oil And Gas Drilling
The world’s top bank to finance fracked oil and gas will no longer fund for oil and gas projects in the Arctic. Wells Fargo recently updated its environment policy to prohibit Arctic drilling and now joins Goldman Sachs and JPMorgan Chase along with several other global banks.
The bank supports the “principles of the Paris Agreement” and believes that “policy action is essential to make meaningful progress against the Agreement’s goal,” therefore will “forego participation in any project-specific transaction in the region,” including the Arctic National Wildlife Refuge, the policy stated.
“Wells Fargo’s decision to rule out funding for Arctic drilling is clear evidence that investing in the destruction of the Arctic Refuge would be toxic to any company involved,” Ben Cushing, Sierra Club campaign representative, said.