Energy, Crude Oil/Natural Gas Upstream Operations, Oil Exploration, Crude Petroleum Extraction, Banking, Commercial Banking, Financial Investment Services, Banking/Credit, Natural Gas/Oil Exploration, Natural Gas/Oil Extraction

Energy, Crude Oil/Natural Gas Upstream Operations

Banks Promised to Cut Funding for Arctic Oil Drilling. Money Flowed Anyway.

Some investors say lenders’ pledges on Arctic drilling contain loopholes.

10/17/2021 3:45:00 PM

Some investors say banks’ pledges on cutting funding for Arctic oil drilling contain loopholes

Some investors say lenders’ pledges on Arctic drilling contain loopholes.

Oct. 17, 2021 7:03 am ETSome of the world’s largest banks, including Goldman Sachs Group Inc., HSBC Holdings PLC and BNP Paribas SA, pledged in recent years to stopdirect financing of Arctic oil exploration. The idea was to choke off money for fossil-fuel extraction in a pristine natural environment.

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A battle has broken out among investors, environmentalists and banks over those pledges. Some investors and environmentalists say they contain loopholes, and money has continued to flow from big banks to companies active in areas of Norway, Russia, Canada and Alaska rich in oil and gas. Under pressure, two of the banks, BNP and HSBC, say they are reviewing their pledges to make them stronger.

Read more: The Wall Street Journal »

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