Goldman Sachs to Stop Oil and Gas Drilling in the Arctic

Goldman Sachs Investment Bank will stop financing oil drilling or oil exploration in the Arctic, as well as opening new coal mines anywhere in the world – the bank announced this weekend. Environmentalists praised the new policy but noted it was only a first step.

In a statement, the bank said it “acknowledges” the scientific consensus on the climate crisis. “This is one of the most significant environmental challenges of the 21st century,” the statement said.

The decision makes Goldman Sachs the first US bank to define a No GO Zone for investment in fossil fuels. “The updated policy shows that American banks can mark red lines for the oil and gas industry,” said Jason Disterhoft of the Rain Forest Network, which worked to promote this policy. “Now other major US banks, especially JP. Morgan Chase – the world’s worst bank for fossil fuel funding with a big gap – will introduce improved policies. If other banks operate similarly, coal financing will not be possible. ”

Investment banks play a major role in fueling the fossil fuel industry, and since signing the Paris Agreement, it has provided $700 billion in funding. JP. Morgan Chase was the biggest sponsor, and since 2016, he has provided $75 billion to activities like oil and gas drilling in the Arctic. Goldman Sachs’ new policy is therefore considered to be an important advance that brings the American banking industry closer to that of Europe and Asia.

“The Trump administration may not care about the will of the American people or indigenous rights, but a growing number of their clear financial institutions do care,” said Ben Cushing of the Sierra Club. “We hope other American banks will follow suit.”