Goldman Sachs is first big US bank to rule out loans for Arctic drilling

[G_j]

https://www.cnn.com/2019/12/16/business/goldman-sachs-arctic/index.html

London (CNN Business)Goldman Sachs (GS) is the first big US bank to say it won't finance new oil projects in the Arctic.

On Sunday, the bank announced a raft of changes to its environmental policies, including a pledge not to finance drilling in the Arctic. The restrictions also rule out projects in Alaska's Arctic National Wildlife Refuge, which President Donald Trump has sought to open to development.

The funding freeze extends to new thermal coal mine and power plant development around the world, as well as projects that "significantly convert or degrade a natural habitat," Goldman Sachs said on its website.

The bank also announced a commitment to invest $750 billion over the next 10 years into areas that focus on climate transition and inclusive growth.


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[Disaffected]

1. Excellent!

A bit of good news especially in the wake of the COP25 Madrid failure. Let's hope more banks/investor funds follow.

A blow-out under Arctic ice, for one, would be a monumental environmental disaster. IMO it is bizarre that any company (or country) would even contemplate such a venture.

[JudyM]

2. K&R for corporate responsibility!

[crickets]

3. Good. K&R