The world could use some good news about the Arctic after weeks of battling a prolonged heatwave and wildfires. Fortunately, we have some good news: Financial giant Deutsche Bank has introduced a new energy policy banning financial support of drilling in the Arctic.
The move comes after years of pressure from advocacy groups like Sierra Club, which has made it clear that divesting from Arctic drilling is key to protecting the area. Deutsche Bank joins Goldman Sachs, Wells Fargo, Citi, JPMorgan Chase, and Morgan Stanley — five of the biggest American banks — in banning the Arctic drilling from its company. Bank of America is currently the last of the largest banks in the US to issue an anti-Arctic drilling policy or statement.
Globally, about two dozen banks have adopted these policies, but with more pressure from activists, this number can be pushed up. That’s where we all come in.