Goldman Sachs Is First U.S. Big Bank to Divest From Arctic Oil and Gas

Protesters hold signs at a protest inside JP Morgan Chase headquarters in Manhattan on Nov. 20. As Goldman Sachs divests from Arctic Oil explorations, Rainforest Action Network says the move shows other Big Banks like JP Morgan Chase can too. Erik McGregor / LightRocket / Getty Images Goldman Sachs, one of the world’s largest investment banks, gave a minor victory to the divestment movement by declaring that it will not fund an new arctic oil explorations, as CNN reported. Citing the importance of the Arctic’s fragile ecosystem and its importance to indigenous populations, the investing giant said it will decline investing in any oil exploration in the Arctic, including the Arctic National Wildlife Refuge . "Oil development in the Arctic Circle is prone to harsh operating conditions, sea ice, permafrost coverage, and potential impacts to critical natural habitats for endangered species," Goldman Sachs said in its Environmental Policy Framework . "The unique and fragile ecosystems of the Arctic region also support the subsistence livelihoods of indigenous peoples groups that have populated certain areas in the region for centuries." Goldman Sachs also said in its policy framework that it would not finance any new thermal coal mines or any mountaintop […]

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