(BA)C US Fairness”/>Bank of America Corp. stated that it received’t present challenge financing for oil and gasoline exploration within the Arctic after dealing with opposition from environmentalists.
“There’s been misunderstanding around our position, but we have not historically participated in project finance for oil and gas exploration in the Arctic,” Larry Di Rita, the bank’s head of public coverage and technique in Washington, stated Monday in an interview. “But given that misinterpretation, we’ve determined that it’s time to codify our existing practice into policy.”
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Environmental campaigners have criticized the Charlotte, North Carolina-based lender for its stance. Earlier this month, the Sierra Membership singled out Bank of America as “the only major U.S. bank not to rule out financing for the destruction of the Arctic refuge” after its 5 greatest rivals up to date their insurance policies this yr. The administration of U.S. President Donald Trump is advancing plans to public sale drilling rights within the Arctic Nationwide Wildlife Refuge.
Bank of America has stated it goals to place itself as a pacesetter in environmental, social and governance issues within the monetary business via underwriting inexperienced bonds, lowering carbon emissions and supporting world local weather initiatives. It has a objective of reaching net-zero emissions by 2050.
Ben Cushing, a senior marketing campaign consultant for the Sierra Membership, stated the banks’ insurance policies name into query future initiatives within the Arctic.
“Now that each main American bank has said unequivocally that they won’t finance this harmful exercise, it must be clearer than ever that any oil firm contemplating taking part in Trump’s ill-advised lease sale ought to keep away,” he stated in a assertion.
(Updates with net-zero objective in fourth paragraph, Sierra Membership assertion in fifth.)
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