The Coronavirus Is Showing Banks That Oil Is a Bad Investment

Oil ain’t doing too well these days. Banks are finally starting to get it: Fossil fuels ain’t worth it. Just last week, Citigroup joined the wave of banks no longer investing in oil and gas projects in the Arctic. The only major bank in the U.S. that hasn’t committed to this is Bank of America. The economic crisis brought on by the spread of coronavirus has shown just what a risky investment fossil fuels are—and this new reality may just accelerate how soon these banks leave behind fossil fuels for good. Financial institutions were already getting out of funding Arctic drilling projects long before covid-19 became a household concern. Activists, particularly leaders from the Gwich’in Nation in Alaska, have been cranking up the heat on financial institutions for the past two years in an effort to protect the Arctic National Wildlife Refuge from oil and gas interests. The Trump administration is trying to open up 1.5 million acres here to oil and gas interests, but this land is sacred to the Gwich’in people. It’s also one of the last remaining pieces of pristine wilderness in the U.S. I’m a Political Scientist. This Is Why Climate Activists Need to Keep […]

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