One word: Finally.
Bank of America has just become the last major US financial institution to declare that they will no longer finance any oil and gas exploration in the Arctic. The decision, which was announced to Bloomberg News on Monday, comes after Goldman Sachs, Morgan Stanley, Chase, Wells Fargo and Citi Bank all announced official no-Arctic-drilling policies earlier this year.
With the outgoing President currently trying to sell leases for drilling in the Arctic National Wildlife Refuge (ANWR), the decision from Bank of America to stay away from Arctic drilling is especially important.
“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 [this] lease sale should stay away,” said Ben Cushing, Senior Campaign Representative of the Sierra Club, the grassroots environmental organization.
Together with Bank of America and the other 5 major US banks, nearly 30 major banks around the world have now made it official policy to refrain from financing arctic drilling.