Wells Fargo, Top Banker of Fracked Oil and Gas, Ditches Arctic Drilling

Mega-bank becomes the third to halt fossil fuel financing in the Arctic Wells Fargo committed to ruling out funding oil and gas drilling in the Arctic region, including the Arctic National Wildlife Refuge, according to the company’s updated environmental and social risk management policy . The mega-bank is now the third in the United States to withdraw lending for drilling projects in the region following a years-long campaign by Indigenous groups and environmentalists pressuring Wells Fargo and other lending institutions to halt financing fossil fuel projects. Wells Fargo is one of the largest bankers of fossil fuel projects in the world, second only JPMorgan Chase, according to a study by environmental organizations including the Rainforest Action Network, Sierra Club, Bank Track, and the Indigenous Environmental Network. Just days ago, JPMorgan Chase announced its own policy ruling out arctic drilling , and Goldman Sachs declared a similar policy late last year. In addition to arctic drilling, the bank also committed to withdrawing lending from many coal-related enterprises and private prisons, stating the company does “not believe it is appropriate that we limit credit or financing to legally operating companies based solely on public opposition to that sector” but that “risk […]

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