Bank of America Puts the Freeze on Financing Arctic Oil and Gas Exploration

Earlier this week, Bank of America became the last of the big banks to state that it will not finance oil and gas exploration in the Arctic. This announcement from the company comes after years of pressure from environmental and investor advocates, led by the Sierra Club, the Gwich’in Steering Committee, and Trillium Asset Management. These groups have focused their efforts on financial institutions because their financing is essential to oil and gas development. Getting big banks to back away makes Artic oil and gas projects effectively “unbankable”. For many years, Clean Yield has supported efforts to pressure energy companies and financial institutions to stay out of ANWR, including the recent focus on Bank of America. Read more about the news from Bank of America here.