Banks| Policies| Dodgy Deals| Campaigns
About us| Blog| Publications| Successes| Contact us| Donate
About BankTrack
Visit us
Organisation
Our team
Our board
Guiding principles
Team up with us
Jobs at BankTrack
Our annual reports
Funding and finances
History
BankTrack in the media
Our privacy policy
Donate
2023-01-23 00:00:00
Berta Cáceres: new rules for banks could help stop defender killings
2023-01-16 00:00:00
In the balance: Why European due diligence legislation must cover financial services
2022-12-08 00:00:00
Exposed: Western banks funding Qatar’s carbon bombs
2022-12-08 00:00:00
Right-wing attack on sustainable finance is the latest form of climate denial
2022-12-14 11:08:26
HSBC announces it will no longer finance new oil and gas fields
2022-10-13 15:56:39
More major banks and insurers refuse to support EACOP
2022-09-16 10:38:48
European Parliament passes emergency resolution against human rights violations & environmental threats linked to EACOP
2022-06-27 09:49:16
Crédit Agricole takes first step to phase out from the oil and gas sector
Connect
2022-11-22 00:00:00
Banking on Thin Ice: Two years in the heat
2022-11-17 00:00:00
BankTrack Global Human Rights Benchmark 2022
2022-10-21 00:00:00
Burning forests in the name of clean energy? How banks are failing to exclude the harmful wood biomass industry from finance
2022-06-28 00:00:00
The East African Crude Oil Pipeline (EACOP): Finance Risk Update No. 3
2022-04-05 00:00:00
The BankTrack Human Rights Benchmark Asia
2022-03-30 00:00:00
Banking on Climate Chaos 2022
See all publications
Browse
Home
Banks
Policies
Dodgy Deals
Campaigns
About
About BankTrack
Donate
Contact BankTrack
Publications
Victories
Follow Us
News
BankTrack blog
Facebook
Twitter Fossil Banks No Thanks Twitter Fossil Banks No Thanks Instagram
Affiliate Websites
Fossil Banks No Thanks
StopEACOP
Forests & Finance
Banks & Biodiversity
Drop JBS
Bank of Coal
Don't Buy into Occupation
Home › News
Following Goldman Sachs and JPMorgan Chase announcements, Wells Fargo rejects funding for Arctic drilling
Start
Banks

By: Sierra Club
2020-03-02
San Francisco

Contact:

Gabby Brown, gabby.brown@sierraclub.org, 914-261-4626


Share this page:

Washington DC residents rally at Wells Fargo, Dec 14. Photo: Sierra Club
Go to:
Start
Related Banks

Wells Fargo has released an update to its environmental policy ruling out funding for oil and gas projects in the Arctic region, including the Arctic National Wildlife Refuge. The update does not make improvements to the bank’s other oil and gas financing policies. The 2019 Banking on Climate Change report lists Wells Fargo as the world’s top banker of fracked oil and gas, and the second largest funder of fossil fuels overall.

The release of this change to the bank’s policy comes in the wake of similar announcements by Goldman Sachs and JPMorgan Chase, as well as more than a dozen global banks. Over the last two years, leaders from the Gwich’in Steering Committee and the Sierra Club have met with representatives from major banks to discuss the threats fossil fuel operations pose to the Arctic Refuge and why action by the financial industry is necessary. In the last three months, three of the top six banks in the United States have prohibited funding Arctic drilling.

“Wells Fargo’s decision to rule out funding for Arctic drilling is clear evidence that investing in the destruction of the Arctic Refuge would be toxic to any company involved,” said Sierra Club campaign representative Ben Cushing. “The Trump administration still hasn’t given up on trying to sell off the Arctic Refuge for drilling, but oil companies should pay close attention to the events of the past few months and think twice before bidding.” 

“For years, we have been speaking out about the need to keep drill rigs out of our sacred lands in the Arctic Refuge, and it’s amazing that a growing number of major banks are listening,” said Gwich’in Steering Committee Executive Director Bernadette Demientieff. “The Arctic Refuge is critical to our people’s food security and way of life. Our human rights will not be dismissed. The fight to protect this place is far from over, and we will continue to hold accountable any bank, oil company, or politician that seeks to benefit from its destruction.” 

“I want to say Mahsi Choo (thank you very much) to the banks that are stepping back from funding Arctic Refuge drilling,” said Kaila Druck, Gwich’in Youth Councilmember. “We fight for not only our land but for our animals and our people. It makes me beyond happy that our voices are being heard and we are making a change. As an Indigenous youth, I want to have a place in our homelands with healthy animals, clean water, and pristine lands, just as our ancestors left it before us. Mahsi choo!”

---

About the Sierra Club

The Sierra Club is America’s largest and most influential grassroots environmental organization, with more than 3.5 million members and supporters. In addition to protecting every person's right to get outdoors and access the healing power of nature, the Sierra Club works to promote clean energy, safeguard the health of our communities, protect wildlife, and preserve our remaining wild places through grassroots activism, public education, lobbying, and legal action. For more information, visit www.sierraclub.org.

 

Go to:
Start
Related Banks

Related banks

Goldman Sachs United States

active

JPMorgan Chase United States

active

Wells Fargo United States

active
Browse
Home
Banks
Policies
Dodgy Deals
Campaigns
About
About BankTrack
Donate
Contact BankTrack
Publications
Victories
Follow Us
News
BankTrack blog
Facebook
Twitter Fossil Banks No Thanks Twitter Fossil Banks No Thanks Instagram
Affiliate Websites
Fossil Banks No Thanks
StopEACOP
Forests & Finance
Banks & Biodiversity
Drop JBS
Bank of Coal
Don't Buy into Occupation
Vismarkt 15
6511 VJ Nijmegen
The Netherlands

Tel: +31 24 324 9220
Contact@banktrack.org
©2016 BankTrack                Webdesign by BankTrack and EASYmind
BankTrack is a registered charity in the Netherlands (ANBI) - RSIN 813874658
Find our privacy policy here

Stay up to date

Sign up now for all BankTrack's news


Make a comment

Your comment will be reviewed, before being posted