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Banks and Arctic oil and gas
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Banking on Climate Change 2020 - Arctic oil and gas. Photo: Rainforest Action Network (RAN)

Go directly to: Arctic oil and gas policy or Arctic oil and gas exclusion

Arctic oil and gas

Arctic oil and gas refers to all oil and gas exploration taking place in Arctic waters. Estimates are that the area north of the Arctic circle contains 6% of the world’s undiscovered conventional oil and about 30% of the undiscovered conventional gas. Drilling in the Arctic is technically difficult due to the harsh winters, long supply lines and sea ice that can damage facilities. There is often also a lack of infrastructure such as roads, villages/cities or pipelines to transport the oil or gas. This makes the break-even price of Arctic oil the highest of all oil types, increasing the financial risks.

The Arctic is at the forefront of the climate crisis, with no other region on the planet heating as fast. Large-scale drilling for oil and gas is another blow to an ecosystem that is already struggling with climate change. One of the most contested areas in the Arctic is the Arctic National Wildlife Refuge in Alaska, which US President Trump has opened up for drilling. Drilling in the Refuge isn’t just a disaster for the local community of the Gwich’in people, it is also devastating for its fragile ecosystem, where oil spills from blowouts, pipeline leaks or shipping accidents pose a tremendous risk. Following pressure from the local communities, NGOs and the public, an increasing number of banks have distanced themselves from drilling in the Refuge or the entire Arctic region.

Banks and Arctic oil and gas

The severity of the climate crisis requires that banks must urgently take steps to disengage from financing business activities and projects that continue the world's reliance on fossil fuels. Banks must therefore end support for all new Arctic oil and gas projects and implement a full phase-out for financing Arctic oil and gas in line with the Paris climate agreement.

The world’s biggest financier of Arctic oil and gas is JP Morgan Chase, followed closely by Citigroup and Deutsche Bank. 

Bank policies on Arctic oil and gas are scored below. These scores were originally published in the Banking on Climate Change 2020 report, and any policy changes implemented since then have been assessed using the same methodology. The details section in the table contains further detail on the exact scoring per bank, as well as an overview of relevant policies. 

See here for banks' exposure to the Arctic oil and gas sector in 2016-2019.

Bank policy scores on Arctic oil and gas

BankLast update
Country
Details
Laggard
Follower
Front runner
Leader
ABN AMRO
2020-03-01
NLD
4
5000000000
0
Netherlands
Profile
Laggard
4
Follower
Front runner
Leader
1583017200
Last update: 2020-03-01
Explanation

Total: 4 points out of 20

4 points for a strong exclusion of Arctil oil and gas projects: ABN AMRO prohibits direct finance for Arctic oil and gas exploration, production, and supporting services.

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2018-11-30 00:00:00

Exclusion list

2018-11-30 00:00:00
csr policies
2018-06-30 00:00:00

Sustainability policy for energy

2018-06-30 00:00:00
Agricultural Bank of China
2020-03-01
CHN
0
1000000000
0
China
Profile
Laggard
0
Follower
Front runner
Leader
1583017200
Last update: 2020-03-01
Explanation

Total: 0 points out of 20

See: Banking on Climate Change - policy scores

ANZ
2020-03-01
AUS
0
1000000000
0
Australia
Profile
Laggard
0
Follower
Front runner
Leader
1583017200
Last update: 2020-03-01
Explanation

Total: 0 points out of 20

See: Banking on Climate Change - policy scores

Bank of America
2020-03-01
USA
0.5
1500000000
0
United States
Profile
Laggard
0.5
Follower
Front runner
Leader
1583017200
Last update: 2020-03-01
Explanation

Total: 0.5 point out of 20

0.5 point for enhanced due diligence regarding Arctic oil and gas companies: Bank of America conducts enhanced due diligence for "any transactions where the majority use of proceeds is identified as supporting petroleum exploration or production activities in the Arctic."

See: Banking on Climate Change - policy scores

Relevant policies
csr policiesprivate
2019-10-23 00:00:00

Environmental and social risk policy framework out of date

2019-10-23 00:00:00
Bank of China
2020-03-01
CHN
0
1000000000
0
China
Profile
Laggard
0
Follower
Front runner
Leader
1583017200
Last update: 2020-03-01
Explanation

Total: 0 points out of 20

See: Banking on Climate Change - policy scores

Bank of Montreal (BMO)
2020-10-22
CAN
1.5
2500000000
0
Canada
Profile
Laggard
1.5
Follower
Front runner
Leader
1603317600
Last update: 2020-10-22
Explanation

Total: 1.5 points out of 20

1.5 points for a weak exclusion of Arctic oil and gas projects: BMO intends to exclude direct finance for exploration and development projects in the Arctic National Wildlife Refuge (ANWR). It does not mention infrastructure, the policy is restricted to the ANWR and the bank only expressed its "intention" to exclude project finance which makes it a weak policy.

See: Banking on Climate Change - policy scores

Relevant policies
csr policiesprivate
2020-03-09 00:00:00

Responsible lending policies

[Date listed represents date as accessed on website]
2020-03-09 00:00:00
References
2020-10-22

GTC and VGG Respond to BMO Policy Update: Bank of Montreal Will Not Finance Drilling in the Arctic National Wildlife Refuge

2020-10-22
Gwich'in Tribal Council
Barclays
2020-03-30
GBR
5
6000000000
0
United Kingdom
Profile
Laggard
5
Follower
Front runner
Leader
1585519200
Last update: 2020-03-30
Explanation

Total: 5 points out of 20

3 points for a moderate exclusion of Arctic oil and gas projects: Barclays will not directly finance oil and gas projects in the Arctic Circle, including but not limited to the ANWR. The policy does not mention infrastructure.

2 points for a weak exclusion threshold regarding Arctic oil and gas companies: Barclays will not provide any financing to companies primarily engaged in oil and gas exploration and production operations or plans in the Arctic Circle, including but not limited to the ANWR.

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2020-04-30 00:00:00

Position on climate change

2020-04-30 00:00:00
BBVA
2020-12-23
ESP
4
5000000000
0
Spain
Profile
Laggard
4
Follower
Front runner
Leader
1608678000
Last update: 2020-12-23
Explanation

Total: 4 points out of 20

4 points for a strong exclusion of Arctic oil and gas projects: BBVA prohibits financing for Arctic oil and gas exploration, production and transportation projects.

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2020-12-23 00:00:00

Environmental and Social Framework

2020-12-23 00:00:00
BNP Paribas
2020-03-01
FRA
8
9.0E+18
0
France
Profile
Laggard
Follower
8
Front runner
Leader
1583017200
Last update: 2020-03-01
Explanation

Total: 8 points out of 20

3 points for a moderate exclusion of Arctic oil and gas projects: BNP Paribas prohibits financing for offshore Arctic oil and gas exploration and production projects, as well as pipelines and LNG terminals related to offshore Arctic oil and gas only.

5 points for a strong exclusion threshold for Arctic oil and gas companies: BNP Paribas prohibits financing for companies (a) for which unconventional oil and gas (including Arctic oil and gas) is a significant part of their reserves, (b) for which unconventional oil and gas accounts for a significant share of revenue, or (c) which own or operate pipelines or LNG terminals with a significant volume of unconventional oil and gas.

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2017-12-19 00:00:00

Unconventional Oil and Gas - Sector Policy

2017-12-19 00:00:00
Caixabank
2020-03-01
ESP
3
4000000000
0
Spain
Profile
Laggard
3
Follower
Front runner
Leader
1583017200
Last update: 2020-03-01
Explanation

Total: 3 points out of 20

3 points for a moderate exclusion of Arctic oil and gas projects: CaixaBank prohibits any project-related financing "involving oil and gas exploration or production in the arctic region." This policy does not cover infrastructure in the region.

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2019-02-28 00:00:00

Environmental risk management policy

2019-02-28 00:00:00
Canadian Imperial Bank of Commerce (CIBC)
2020-11-20
CAN
2
3000000000
0
Canada
Profile
Laggard
2
Follower
Front runner
Leader
1605826800
Last update: 2020-11-20
Explanation

Total: 2 points out of 20

2 points for a weak exclusion threshold for Arctic oil and gas companies: CIBC will not directly finance companies that are involved in exploration or development related to oil and gas in the Arctic National Wildlife Refuge (ANWR).

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2020-11-20 00:00:00

Environmental policy

2020-11-20 00:00:00
China Construction Bank
2020-03-01
CHN
0
1000000000
0
China
Profile
Laggard
0
Follower
Front runner
Leader
1583017200
Last update: 2020-03-01
Explanation

Total: 0 points out of 20

See: Banking on Climate Change - policy scores

Citi
2020-04-20
USA
3.5
4500000000
0
United States
Profile
Laggard
3.5
Follower
Front runner
Leader
1587333600
Last update: 2020-04-20
Explanation

Total: 3.5 point out of 20

3 points for a moderate exclusion of Arctic oil and gas projects: Citigroup will not provide project-related financing for oil and gas exploration and production in the Arctic Circle. The policy does not mention infrastructure.

0.5 point for enhanced due diligence regarding Arctic oil and gas companies: Citi conducts enhanced due diligence for "project-related lending to frontier exploration and development," which includes "Arctic exploration and production."

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2020-07-31 00:00:00

Environmental and social policy framework

2020-07-31 00:00:00
Commerzbank AG
2020-03-01
DEU
3
4000000000
0
Germany
Profile
Laggard
3
Follower
Front runner
Leader
1583017200
Last update: 2020-03-01
Explanation

Total: 3 points out of 20

3 points for a moderate exclusion of Arctic oil and gas projects: Commerzbank prohibits project financing related to the extraction of oil and gas in the Arctic. The policy does not mention infrastructure.

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2020-02-29 00:00:00

Policy framework for handling environmental and social risks in its core business

2020-02-29 00:00:00
Commonwealth Bank of Australia
2020-03-01
AUS
3.5
4500000000
0
Australia
Profile
Laggard
3.5
Follower
Front runner
Leader
1583017200
Last update: 2020-03-01
Explanation

Total: 3.5 points out of 20

3 points for a moderate exclusion of Arctic oil and gas projects: Commonwealth Bank prohibits project finance for oil and gas exploration and development in the Arctic. There is no prohibition on pipelines, LNG terminals in the Arctic, or other infrastructure.

0.5 point for enhanced due diligence regarding Arctic oil and gas companies: Commonwealth Bank explicitly requires that new oil and gas projects, including Arctic oil and gas projects, be "in line with the goals of the Paris Agreement". While without further detail on implementation, this does not qualify as a project finance restriction, it does qualify for enhanced due diligence in the sector.

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2019-11-14 00:00:00

Environmental and Social Framework

2019-11-14 00:00:00
Crédit Agricole
2020-03-01
FRA
5
6000000000
0
France
Profile
Laggard
5
Follower
Front runner
Leader
1583017200
Last update: 2020-03-01
Explanation

Total: 5 points out of 20

3 points for a moderate exclusion of Arctic oil and gas projects: Crédit Agricole prohibits oil projects in the Arctic, but the exclusion does not cover gas.

2 points for a weak exclusion threshold for Arctic oil and gas companies: Crédit Agricole prohibits financing to companies whose main activity is linked to oil projects in the Arctic or infrastructure projects mainly dedicated to the transportation of oil produced in the Arctic.

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2017-12-31 00:00:00

CSR Sector Policy - Oil & Gas

2017-12-31 00:00:00
Credit Suisse Group
2020-08-01
CHE
4.5
5500000000
0
Switzerland
Profile
Laggard
4.5
Follower
Front runner
Leader
1596232800
Last update: 2020-08-01
Explanation

Total: 4.5 point out of 20

4 points for a strong exclusion of Arctil oil and gas projects: Credit Suisse will not finance offshore or onshore oil or gas projects in the Arctic region. This includes upstream exploration, development and production, as well as midstream and downstream operations. 

0.5 point for enhanced due diligence regarding Arctic oil and gas companies: Credit Suisse has enhanced due diligence for Arctic oil and gas.

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2020-08-01 00:00:00

Sector Policies and Guidelines

2020-08-01 00:00:00
Danske Bank
2021-02-01
DNK
0
1000000000
0
Denmark
Profile
Laggard
0
Follower
Front runner
Leader
1612134000
Last update: 2021-02-01
Explanation

Total: 0 points out of 20

See: Banking on Thin Ice

DBS Bank
2020-03-01
SGP
0
1000000000
0
Singapore
Profile
Laggard
0
Follower
Front runner
Leader
1583017200
Last update: 2020-03-01
Explanation

Total: 0 points out of 20

See: Banking on Climate Change - policy scores

Deutsche Bank
2020-07-27
DEU
3.5
4500000000
0
Germany
Profile
Laggard
3.5
Follower
Front runner
Leader
1595800800
Last update: 2020-07-27
Explanation

Total: 3.5 point out of 20

3 points for a moderate exclusion of Arctic oil and gas projects: Deutsche Bank will not finance new oil and gas projects in the Arctic region (Arctic region being defined based on a 10°C July Isotherm boundary, meaning the area does not experience temperatures above 10° C).

0.5 point for enhanced due diligence regarding Arctic oil and gas companies: Deutsche Bank has enhanced due diligence for Arctic oil and gas exploration.

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2020-07-27 00:00:00

Environmental and Social Policy Framework July 2020

2020-07-27 00:00:00
References
2020-7-27

Deutsche Bank’s new policies: much needed movement, still a long way to Paris

2020-7-27
urgewald
DNB
2021-02-01
NOR
0
1000000000
0
Norway
Profile
Laggard
0
Follower
Front runner
Leader
1612134000
Last update: 2021-02-01
Explanation

Total: 0 points out of 20

See: Banking on Thin Ice

Goldman Sachs
2020-03-01
USA
3.5
4500000000
0
United States
Profile
Laggard
3.5
Follower
Front runner
Leader
1583017200
Last update: 2020-03-01
Explanation

Total: 3.5 points out of 20

3 points for a moderate exclusion of Arctic oil and gas projects: Goldman Sachs prohibits financing for new Arctic oil projects onshore and offshore, including exploration. Financing for gas projects, as well as for infrastructure related to Arctic oil and gas, are not covered by this policy.

0.5 point for enhanced due diligence regarding Arctic oil and gas companies: Goldman Sachs conducts enhanced due diligence "for transactions relating to Arctic oil."

See: Banking on Climate Change - policy scores

Relevant policies
csr policiesprivate
2019-12-15 00:00:00

Environmental Policy Framework out of date

2019-12-15 00:00:00
HSBC
2020-04-23
GBR
3
4000000000
0
United Kingdom
Profile
Laggard
3
Follower
Front runner
Leader
1587592800
Last update: 2020-04-23
Explanation

Total: 3 points out of 20

3 points for a moderate exclusion of Arctic oil and gas projects: HSBC prohibits direct finance for new offshore Arctic oil and gas projects.

See: Banking on Climate Change - policy scores

Relevant policies
csr policiesprivate
2020-02-15 00:00:00

Energy policy out of date

2020-02-15 00:00:00
Industrial and Commercial Bank of China (ICBC)
2020-03-01
CHN
0
1000000000
0
China
Profile
Laggard
0
Follower
Front runner
Leader
1583017200
Last update: 2020-03-01
Explanation

Total: 0 points out of 20

See: Banking on Climate Change - policy scores

ING
2020-03-01
NLD
5
6000000000
0
Netherlands
Profile
Laggard
5
Follower
Front runner
Leader
1583017200
Last update: 2020-03-01
Explanation

Total: 5 points out of 20

3 points for a moderate exclusion of Arctic oil and gas projects: ING prohibits financing for "Arctic offshore oil and gas exploration and production" projects, but not related infrastructure.

2 points for a weak exclusion threshold for Arctic oil and gas companies: ING prohibits financing for companies >30% reliant on offshore Arctic oil and gas.

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2019-07-01 00:00:00

Environmental and Social Risk Framework

2019-07-01 00:00:00
Intesa Sanpaolo
2020-03-01
ITA
0
1000000000
0
Italy
Profile
Laggard
0
Follower
Front runner
Leader
1583017200
Last update: 2020-03-01
Explanation

Total: 0 points out of 20

See: Banking on Climate Change - policy scores

JPMorgan Chase
2020-03-01
USA
4.5
5500000000
0
United States
Profile
Laggard
4.5
Follower
Front runner
Leader
1583017200
Last update: 2020-03-01
Explanation

Total: 4.5 points out of 20

4 points for a strong exclusion of Arctic oil and gas projects: JPMorgan Chase prohibits financing for "upstream, midstream or downstream greenfield oil and gas development in the Arctic."

0.5 point for enhanced due diligence regarding Arctic oil and gas companies: JPMorgan Chase conducts enhanced due diligence for transactions "within the broader Arctic region."

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2020-02-25 00:00:00

Environmental and social policy framework

2020-02-25 00:00:00
Jyske Bank
2021-02-01
DNK
0
1000000000
0
Denmark
Profile
Laggard
0
Follower
Front runner
Leader
1612134000
Last update: 2021-02-01
Explanation

Total: 0 points out of 20

See: Banking on Thin Ice

Mitsubishi UFJ Financial Group (MUFG)
2020-05-13
JPN
0.5
1500000000
0
Japan
Profile
Laggard
0.5
Follower
Front runner
Leader
1589320800
Last update: 2020-05-13
Explanation

Total: 0.5 point out of 20

0.5 point for enhanced due diligence regarding Arctic oil and gas companies: MUFG conducts enhanced due diligence when it considers providing finance for the extraction of new oil and gas in the Arctic Region.

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2020-05-13 00:00:00

Revision of the MUFG Environmental and Social Policy Framework

2020-05-13 00:00:00
Mizuho
2020-03-01
JPN
0
1000000000
0
Japan
Profile
Laggard
0
Follower
Front runner
Leader
1583017200
Last update: 2020-03-01
Explanation

Total: 0 points out of 20

See: Banking on Climate Change - policy scores

Morgan Stanley
2020-04-22
USA
3.5
4500000000
0
United States
Profile
Laggard
3.5
Follower
Front runner
Leader
1587506400
Last update: 2020-04-22
Explanation

Total: 3.5 point out of 20

3 points for a moderate exclusion of Arctic oil and gas projects: Morgan Stanley will not directly finance new oil and gas exploration and development in the Arctic, including the Arctic National Wildlife Refuge (ANWR). The policy does not mention infrastructure.

0.5 point for enhanced due diligence regarding Arctic oil and gas companies: Morgan Stanley conducts enhanced due diligence for transactions related to Arctic oil and gas development.

See: Banking on Climate Change - policy scores

Relevant policies
csr policiesprivate
2020-04-22 00:00:00

Environmental and social risk policy statement out of date

2020-04-22 00:00:00
National Australia Bank
2020-03-01
AUS
1.5
2500000000
0
Australia
Profile
Laggard
1.5
Follower
Front runner
Leader
1583017200
Last update: 2020-03-01
Explanation

Total: 1.5 points out of 20

1.5 points for a weak exclusion of Arctic oil and gas projects: NAB prohibits financing for "oil and gas projects within or impacting the Arctic National Wildlife Refuge."

See: Banking on Climate Change - policy scores

Relevant policies
csr policiesprivate
2019-01-01 00:00:00

ESG policy for oil and gas sector out of date

Page seven of NAB's 2018 CSR report
2019-01-01 00:00:00
Natixis
2020-03-01
FRA
3
4000000000
0
France
Profile
Laggard
3
Follower
Front runner
Leader
1583017200
Last update: 2020-03-01
Explanation

Total: 3 points out of 20

3 points for a moderate exclusion of Arctic oil and gas projects: Natixis prohibits direct finance for Arctic oil exploration and production.

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2018-11-23 00:00:00

ESR Sector Policy - Oil and Gas

2018-11-23 00:00:00
NatWest
2020-03-01
GBR
3.5
4500000000
0
United Kingdom
Profile
Laggard
3.5
Follower
Front runner
Leader
1583017200
Last update: 2020-03-01
Explanation

Total: 3.5 points out of 20

1.5 points for a weak exclusion of Arctic oil and gas projects: RBS's commitment excludes lending to oil exploration and production projects in the Arctic or Antarctic, but does not cover underwriting such projects, nor does it cover gas in the region.

1.5 points for the commitment to reduce financing for Arctic oil and gas companies: RBS prohibits "lending to major Oil and Gas producers, unless they have a credible transition plan aligned with the 2015 Paris Agreement in place by the end of 2021," which applies to some Arctic oil and gas companies. This qualifies as a reduction because it only applies to "major" O&G companies (to qualify for phase-out, a commitment must cover the entire sector).

0.5 point for enhanced due diligence regarding Arctic oil and gas companies: RBS' prohibition on "lending to major Oil and Gas producers, unless they have a credible transition plan aligned with the 2015 Paris Agreement in place by the end of 2021" could be strengthened with further clarification on what Paris Alignment means to RBS. In the meantime, this qualifies as enhanced due diligence for Arctic oil and gas.

See: Banking on Climate Change - policy scores

Relevant policies
csr policiesprivate
2020-04-28 00:00:00

Oil & Gas sector policy out of date

Updated February 2020
2020-04-28 00:00:00
csr policies
2021-02-23 00:00:00

Approach to climate change

Date listed represents date as accessed on website
2021-02-23 00:00:00
Nordea
2021-02-01
FIN
0
1000000000
0
Finland
Profile
Laggard
0
Follower
Front runner
Leader
1612134000
Last update: 2021-02-01
Explanation

Total: 0 points out of 20

See: Banking on Thin Ice

Nykredit
2021-02-01
DNK
0
1000000000
0
Denmark
Profile
Laggard
0
Follower
Front runner
Leader
1612134000
Last update: 2021-02-01
Explanation

Total: 0 points out of 20

See: Banking on Thin Ice

OCBC
2020-03-01
SGP
0
1000000000
0
Singapore
Profile
Laggard
0
Follower
Front runner
Leader
1583017200
Last update: 2020-03-01
Explanation

Total: 0 points out of 20

See: Banking on Climate Change - policy scores

Royal Bank of Canada (RBC)
2020-10-02
CAN
1.5
2500000000
0
Canada
Profile
Laggard
1.5
Follower
Front runner
Leader
1601589600
Last update: 2020-10-02
Explanation

Total: 1.5 points out of 20

1.5 points for a weak exclusion of Arctic oil and gas projects: RBC will not provide direct financing for any project or transaction that involves exploration or development in the Arctic National Wildlife Refuge (ANWR). RBC does not mention infrastructure in this policy, and does not rule out financing projects in the rest of the Arctic region. 

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2020-09-14 00:00:00

Policy guidelines for sensitive sectors and activitities

2020-09-14 00:00:00
References
2020-10-2

Royal Bank of Canada Recognizes that Drilling in the Arctic National Wildlife Refuge is Bad Business

2020-10-2
Vuntut Gwitchin Government and Gwich’in Tribal Council
2020-10-2

RBC becomes the first Canadian bank to rule out funding for Arctic Refuge drilling

2020-10-2
Canadian Parks & Wilderness Society - Yukon Chapter
Santander
2020-03-01
ESP
4
5000000000
0
Spain
Profile
Laggard
4
Follower
Front runner
Leader
1583017200
Last update: 2020-03-01
Explanation

Total: 4 points out of 20

4 points for a strong exclusion of Arctic oil and gas projects: Santander's prohibition on direct financing for the "development, construction or expansion of oil and gas drilling projects north of the Arctic Circle" includes associated infrastructure.

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2020-01-21 00:00:00

Energy sector policy

2020-01-21 00:00:00
Scotiabank
2020-12-15
CAN
3
4000000000
0
Canada
Profile
Laggard
3
Follower
Front runner
Leader
1607986800
Last update: 2020-12-15
Explanation

Total: 3 points out of 20

3 points for a moderate exclusion of Arctic oil and gas projects: Scotiabank excludes "direct financing or project-specific financial and advisory services for activities that are directly related to the exploration, development or production of oil and gas within the Arctic Circle, including the Arctic National Wildlife Refuge". The policy does not mention infrastructure.

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2020-12-15 00:00:00

Corporate Responsibility

Includes Scotiabank’s Policy on Financing in the Arctic
2020-12-15 00:00:00
Skandinaviska Enskilda Banken (SEB)
2021-02-01
SWE
9
1.0E+19
0
Sweden
Profile
Laggard
Follower
9
Front runner
Leader
1612134000
Last update: 2021-02-01
Explanation

Total: 9 points out of 20

4 points for a strong exclusion of Arctic oil and gas projects: SEB will not provide finance for exploration or production of Arctic oil and gas.

5 points for a moderate exclusion of Arctic oil and gas companies: SEB will not provide financial services to companies with a revenue share of more than 5% originating from oil and gas related activities in environmentally sensitive areas, including the Arctic. A threshold of 15% is applied for companies that explore and produce Arctic oil and/or gas on the Norwegian Continental Shelf (NCS).

See: Banking on Thin Ice

Société Générale
2020-03-01
FRA
5
6000000000
0
France
Profile
Laggard
5
Follower
Front runner
Leader
1583017200
Last update: 2020-03-01
Explanation

Total: 5 points out of 20

3 points for a moderate exclusion of Arctic oil and gas projects: Société Générale prohibits financing for all Arctic oil exploration and production projects, as well as for "infrastructures exclusively dedicated to the transport or storage of [...] Arctic oil." This policy does not cover Arctic gas.

2 points for a weak exclusion threshold for Arctic oil and gas companies: Société Générale prohibits financing for companies that get a majority of their revenue from Arctic oil or have a majority of their reserves in the Arctic region.

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2018-05-18 00:00:00

Sector policy oil and gas

2018-05-18 00:00:00
Sparebank 1 SR-Bank
2021-02-01
NOR
0
1000000000
0
Norway
Profile
Laggard
0
Follower
Front runner
Leader
1612134000
Last update: 2021-02-01
Explanation

Total: 0 points out of 20

See: Banking on Thin Ice

Standard Chartered
2020-03-01
GBR
4
5000000000
0
United Kingdom
Profile
Laggard
4
Follower
Front runner
Leader
1583017200
Last update: 2020-03-01
Explanation

Total: 4 points out of 20

4 points for a strong exclusion of Arctic oil and gas projects: Standard Chartered's prohibition on direct financing for "new or existing Arctic exploration and/or production activities" also covers Arctic-related infrastructure.

See: Banking on Climate Change - policy scores

Relevant policies
csr policiesprivate
2019-09-19 00:00:00

Extractive Industries Position Statement out of date

2019-09-19 00:00:00
Sumitomo Mitsui Banking Corporation (SMBC)
2020-05-01
JPN
0.5
1500000000
0
Japan
Profile
Laggard
0.5
Follower
Front runner
Leader
1588284000
Last update: 2020-05-01
Explanation

Total: 0.5 point out of 20

0.5 point for enhanced due diligence regarding Arctic oil and gas companies: SMBC conducts enhanced due diligence when considering lending for mining projects in the Arctic Circle.

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2020-04-16 00:00:00

Revision of ESG financing policies

2020-04-16 00:00:00
Svenska Handelsbanken
2021-02-01
SWE
0.5
1500000000
0
Sweden
Profile
Laggard
0.5
Follower
Front runner
Leader
1612134000
Last update: 2021-02-01
Explanation

Total: 0.5 point out of 20

0.5 point for enhanced due diligence regarding Arctic oil and gas companies: Svenska Handelsbanken conducts enhanced due diligence when it comes to companies that are involved in the extraction of unconventional fossil fuels or particularly high-risk extraction, including the Arctic.

See: Banking on Thin Ice

Relevant policies
csr policies
2020-05-11 00:00:00

Environment and climate change guidelines

2020-05-11 00:00:00
Swedbank
2021-02-01
SWE
1.5
2500000000
0
Sweden
Profile
Laggard
1.5
Follower
Front runner
Leader
1612134000
Last update: 2021-02-01
Explanation

Total: 1.5 points out of 20

1.5 points for a weak exclusion of Arctic oil and gas projects: Swedbank will not directly finance unconventional fossil fuel production such as Arctic oil and gas.

See: Banking on Thin Ice and Swedbank's updated Position Statement on Climate Change below (Jan. 26, 2021).

Relevant policies
csr policies
2021-01-26 00:00:00

Position Statement Climate Change

2021-01-26 00:00:00
Sydbank
2021-02-01
DNK
0
1000000000
0
Denmark
Profile
Laggard
0
Follower
Front runner
Leader
1612134000
Last update: 2021-02-01
Explanation

Total: 0 points out of 20

See: Banking on Thin Ice

TD
2020-11-09
CAN
3
4000000000
0
Canada
Profile
Laggard
3
Follower
Front runner
Leader
1604876400
Last update: 2020-11-09
Explanation

Total: 3 points out of 20

3 points for a moderate exclusion of Arctic oil and gas projects: TD will not provide new project-specific financial services for exploration, development, or production of oil and gas within the Arctic Circle. It does not mention infrastructure.

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2020-11-03 00:00:00

Non-Retail Environmental and Social Credit Risk Process

2020-11-03 00:00:00
References
2020-11-9

TD commits to ambitious climate action plan

2020-11-9
TD
2020-11-9

TD is Latest Financial Institution to Pledge Net-Zero Emissions by 2050

2020-11-9
Sierra Club
UBS
2020-03-01
CHE
3.5
4500000000
0
Switzerland
Profile
Laggard
3.5
Follower
Front runner
Leader
1583017200
Last update: 2020-03-01
Explanation

Total: 3.5 points out of 20

1.5 points for a weak exclusion of Arctic oil and gas projects: UBS prohibits financing for "new offshore oil projects in the Arctic."

2 points for a weak exclusion threshold for Arctic oil and gas companies: UBS prohibits financing for companies with ">30% of reserves or production" in Arctic oil, unless the financing is for "renewable energy or conventional oil & gas assets."

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2020-04-21 00:00:00

Climate-related standards in the enery and utilities sectors

Page 56 of the UBS' CSR report 2019
2020-04-21 00:00:00
UniCredit Group
2020-03-01
ITA
5
6000000000
0
Italy
Profile
Laggard
5
Follower
Front runner
Leader
1583017200
Last update: 2020-03-01
Explanation

Total: 5 points out of 20

3 points for a moderate exclusion of Arctic oil and gas projects: UniCredit prohibits financing for Arctic oil extraction projects, onshore and offshore, and Arctic offshore gas extraction projects only, as well as "pipelines and other infrastructure SOLELY related" to onshore and offshore Arctic oil or offshore Arctic gas.

2 points for a weak exclusion threshold for Arctic oil and gas companies: UniCredit requires new and existing clients to get ≤25% of their revenue from onshore and offshore Arctic oil and/or offshore Arctic gas. For existing clients above that threshold, they must have a plan to get below that threshold, to be evaluated annually.

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2019-11-27 00:00:00

Arctic and Non-Conventional Oil & Gas Industry Sector Policy

2019-11-27 00:00:00
United Overseas Bank
2020-03-01
SGP
0
1000000000
0
Singapore
Profile
Laggard
0
Follower
Front runner
Leader
1583017200
Last update: 2020-03-01
Explanation

Total: 0 points out of 20

See: Banking on Climate Change - policy scores

Wells Fargo
2020-03-01
USA
3.5
4500000000
0
United States
Profile
Laggard
3.5
Follower
Front runner
Leader
1583017200
Last update: 2020-03-01
Explanation

Total: 3.5 points out of 20

3 points for a moderate exclusion of Arctic oil and gas projects: Wells Fargo prohibits direct financing of "oil and gas projects in the Arctic region, including the Arctic National Wildlife Refuge'', without further specificity on what that covers.

0.5 point for enhanced due diligence regarding Arctic oil and gas companies: Wells Fargo conducts enhanced due diligence "for clients that have operations in Alaska/Arctic."

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2018-06-30 00:00:00

Environmental and Social Risk Management Framework

2018-06-30 00:00:00
Westpac
2020-05-04
AUS
1.5
2500000000
0
Australia
Profile
Laggard
1.5
Follower
Front runner
Leader
1588543200
Last update: 2020-05-04
Explanation

Total: 1.5 points out of 20

1.5 points for a weak exclusion of Arctic oil and gas projects: Westpac does not provide project finance for oil and gas exploration in high risk frontier basins such as Arctic and Antarctic refuges. Only exploration mentioned in this policy.

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2020-05-04 00:00:00

Climate Change Position Statement and 2023 Action Plan

2020-05-04 00:00:00
Explanation

The point-based policy ranking assesses bank policies in four ways:

1) Restriction on direct financing for Arctic oil and gas projects.

  • None (0), weak exclusion (1.5), moderate exclusion (3), strong exclusion (4)

2) Restriction on financing for companies that expand Arctic oil and gas. 

  • None (0), weak exclusion (3), strong exclusion (5)

3) The bank’s commitment to phase-out financing for Arctic oil and gas.

  • None (0), reduction (1.5), weak phase-out (3), strong phase-out (5)

4) The bank’s commitment to exclude companies active in Arctic oil and gas above a certain threshold.

  • None (0), enhanced due diligence (0.5), weak exclusion threshold (2), strong exclusion threshold (5), full exclusion (6)

A bank can obtain a total of 20 policy points for its Arctic oil and gas policy. Based on this score banks are then classified as laggards (0-5 points), followers (5.5-10 points), front runners (10.5-15 points) or leaders (15.5-20 points).

 

Banks excluding finance for Arctic oil and gas

A number of banks have already taken steps to fully or partially exclude Arctic oil and gas projects or companies involved in Arctic oil and gas operations from their investments. The table below lists banks that have taken such steps. Note that this is not a complete overview of all banks excluding Arctic oil and gas; additional banks will be added in due time. 

Exclusion table Arctic oil and gas

BankLast update
Country
Details
Project
Company
ABN AMRO
2020-03-01
NLD
4
5000000000
100
Netherlands
Profile
Project
4
Company
1583017200
Last update: 2020-03-01
Explanation

ABN AMRO prohibits direct finance for Arctic oil and gas exploration, production, and supporting services.

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2018-11-30 00:00:00

Exclusion list

2018-11-30 00:00:00
csr policies
2018-06-30 00:00:00

Sustainability policy for energy

2018-06-30 00:00:00
Bank of Montreal (BMO)
2020-10-22
CAN
0
-1
Canada
Profile
Project
Company
1603317600
Last update: 2020-10-22
Explanation

BMO intends to exclude direct finance for exploration and development projects in the Arctic National Wildlife Refuge (ANWR). It does not mention infrastructure, the policy is restricted to the ANWR and the bank only expressed its "intention" to exclude project finance.

See: Banking on Climate Change - policy scores

Relevant policies
csr policiesprivate
2020-03-09 00:00:00

Responsible lending policies

[Date listed represents date as accessed on website]
2020-03-09 00:00:00
References
2020-10-22

GTC and VGG respond to BMO policy update: Bank of Montreal will not finance drilling in the Arctic National Wildlife Refuge

2020-10-22
Gwich'in Tribal Council
Barclays
2020-03-30
GBR
0.5
1500000000
-2
United Kingdom
Profile
Project
0.5
Company
1585519200
Last update: 2020-03-30
Explanation

Barclays will not directly finance oil and gas projects in the Arctic Circle, including but not limited to the ANWR. Its policy does not mention infrastructure.

Barclays does not provide any financing to companies primarily engaged in oil and gas exploration and production operations or plans in the Arctic Circle, including but not limited to the ANWR.

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2020-04-30 00:00:00

Position on climate change

2020-04-30 00:00:00
BBVA
2020-12-23
ESP
3
4000000000
100
Spain
Profile
Project
3
Company
1608678000
Last update: 2020-12-23
Explanation

BBVA prohibits financing for Arctic oil and gas exploration, production and transportation projects.

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2020-12-23 00:00:00

Environmental and Social Framework

2020-12-23 00:00:00
BNP Paribas
2020-03-01
FRA
8
9.0E+18
-2
France
Profile
Project
Company
8
1583017200
Last update: 2020-03-01
Explanation

BNP Paribas only prohibits financing for offshore Arctic oil and gas exploration and production projects, as well as pipelines and LNG terminals related to offshore Arctic oil and gas only.

BNP Paribas prohibits financing for companies (a) for which unconventional oil and gas (including Arctic oil and gas) is a significant part of their reserves, (b) for which unconventional oil and gas accounts for a significant share of revenue, or (c) which own or operate pipelines or LNG terminals with a significant volume of unconventional oil and gas.

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2017-12-19 00:00:00

Unconventional Oil and Gas - Sector Policy

2017-12-19 00:00:00
Caixabank
2020-03-01
ESP
3
4000000000
-1
Spain
Profile
Project
3
Company
1583017200
Last update: 2020-03-01
Explanation

CaixaBank prohibits any project-related financing "involving oil and gas exploration or production in the Arctic region." This policy does not cover infrastructure in the region.

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2019-02-28 00:00:00

Environmental risk management policy

2019-02-28 00:00:00
Canadian Imperial Bank of Commerce (CIBC)
2020-11-20
CAN
0
-1
Canada
Profile
Project
Company
1605826800
Last update: 2020-11-20
Explanation

CIBC will not directly finance companies that are involved in exploration or development related to oil and gas in the Arctic National Wildlife Refuge (ANWR).

Relevant policies
csr policies
2020-11-20 00:00:00

Environmental policy

2020-11-20 00:00:00
Citi
2020-04-20
USA
0.5
1500000000
-1
United States
Profile
Project
0.5
Company
1587333600
Last update: 2020-04-20
Explanation

Citigroup does not provide project-related financing for oil and gas exploration and production in the Arctic Circle. Its policy does not mention infrastructure.

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2020-07-31 00:00:00

Environmental and social policy framework

2020-07-31 00:00:00
Commerzbank AG
2020-03-01
DEU
3
4000000000
-1
Germany
Profile
Project
3
Company
1583017200
Last update: 2020-03-01
Explanation

Commerzbank prohibits project financing related to the extraction of oil and gas in the Arctic. The policy does not mention infrastructure.

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2020-02-29 00:00:00

Policy framework for handling environmental and social risks in its core business

2020-02-29 00:00:00
Commonwealth Bank of Australia
2020-03-01
AUS
3.5
4500000000
-1
Australia
Profile
Project
3.5
Company
1583017200
Last update: 2020-03-01
Explanation

Commonwealth Bank prohibits project finance for oil and gas exploration and development in the Arctic. There is no prohibition on pipelines, LNG terminals in the Arctic, or other infrastructure.

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2019-11-14 00:00:00

Environmental and Social Framework

2019-11-14 00:00:00
Crédit Agricole
2020-03-01
FRA
5
6000000000
-2
France
Profile
Project
5
Company
1583017200
Last update: 2020-03-01
Explanation

Crédit Agricole prohibits oil projects in the Arctic, but the exclusion does not cover gas.

Crédit Agricole prohibits financing to companies whose main activity is linked to oil projects in the Arctic or infrastructure projects mainly dedicated to the transportation of oil produced in the Arctic.

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2017-12-31 00:00:00

CSR Sector Policy - Oil & Gas

2017-12-31 00:00:00
Credit Suisse Group
2020-08-01
CHE
0
100
Switzerland
Profile
Project
Company
1596232800
Last update: 2020-08-01
Explanation

Credit Suisse will not finance offshore or onshore oil or gas projects in the Arctic region. This includes upstream exploration, development and production, as well as midstream and downstream operations. 

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2020-08-01 00:00:00

Sector Policies and Guidelines

2020-08-01 00:00:00
Deutsche Bank
2020-07-27
DEU
0
-1
Germany
Profile
Project
Company
1595800800
Last update: 2020-07-27
Explanation

Deutsche Bank will not finance new oil and gas projects in the Arctic region (Arctic region being defined based on a 10°C July Isotherm boundary, meaning the area does not experience temperatures above 10° C).

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2020-07-27 00:00:00

Environmental and Social Policy Framework July 2020

2020-07-27 00:00:00
References
2020-7-27

Deutsche Bank’s new policies: much needed movement, still a long way to Paris

2020-7-27
urgewald
Goldman Sachs
2020-03-01
USA
3.5
4500000000
-1
United States
Profile
Project
3.5
Company
1583017200
Last update: 2020-03-01
Explanation

Goldman Sachs prohibits financing for new Arctic oil projects onshore and offshore, including exploration. Financing for gas projects, as well as for infrastructure related to Arctic oil and gas, are not covered by this policy.

See: Banking on Climate Change - policy scores

Relevant policies
csr policiesprivate
2019-12-15 00:00:00

Environmental Policy Framework out of date

2019-12-15 00:00:00
HSBC
2020-04-23
GBR
3
4000000000
-1
United Kingdom
Profile
Project
3
Company
1587592800
Last update: 2020-04-23
Explanation

HSBC prohibits direct finance for new offshore Arctic oil and gas projects. The policy thus does not cover existing projects. 

See: Banking on Climate Change - policy scores

Relevant policies
csr policiesprivate
2020-02-15 00:00:00

Energy policy out of date

2020-02-15 00:00:00
ING
2020-03-01
NLD
5
6000000000
-2
Netherlands
Profile
Project
5
Company
1583017200
Last update: 2020-03-01
Explanation

ING prohibits financing for "Arctic offshore oil and gas exploration and production" projects, but not related infrastructure.

ING prohibits financing for companies >30% reliant on offshore Arctic oil and gas.

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2019-07-01 00:00:00

Environmental and Social Risk Framework

2019-07-01 00:00:00
JPMorgan Chase
2020-03-01
USA
4.5
5500000000
100
United States
Profile
Project
4.5
Company
1583017200
Last update: 2020-03-01
Explanation

JPMorgan Chase prohibits financing for "upstream, midstream or downstream greenfield oil and gas development in the Arctic."

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2020-02-25 00:00:00

Environmental and social policy framework

2020-02-25 00:00:00
Morgan Stanley
2020-04-22
USA
0.5
1500000000
-1
United States
Profile
Project
0.5
Company
1587506400
Last update: 2020-04-22
Explanation

Morgan Stanley does not directly finance new oil and gas exploration and development in the Arctic, including the Arctic National Wildlife Refuge (ANWR). Its policy does not mention infrastructure.

See: Banking on Climate Change - policy scores

Relevant policies
csr policiesprivate
2020-04-22 00:00:00

Environmental and social risk policy statement out of date

2020-04-22 00:00:00
National Australia Bank
2020-03-01
AUS
1.5
2500000000
-1
Australia
Profile
Project
1.5
Company
1583017200
Last update: 2020-03-01
Explanation

NAB prohibits financing for "oil and gas projects within or impacting the Arctic National Wildlife Refuge." This is considered a weak exclusion policy.

See: Banking on Climate Change - policy scores

Relevant policies
csr policiesprivate
2019-01-01 00:00:00

ESG policy for oil and gas sector out of date

Page seven of NAB's 2018 CSR report
2019-01-01 00:00:00
Natixis
2020-03-01
FRA
3
4000000000
-1
France
Profile
Project
3
Company
1583017200
Last update: 2020-03-01
Explanation

Natixis prohibits direct finance for Arctic oil exploration and production. This does not cover infrastructure. 

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2018-11-23 00:00:00

ESR Sector Policy - Oil and Gas

2018-11-23 00:00:00
NatWest
2020-03-01
GBR
3.5
4500000000
-1
United Kingdom
Profile
Project
3.5
Company
1583017200
Last update: 2020-03-01
Explanation

RBS's commitment excludes lending to oil exploration and production projects in the Arctic or Antarctic, but does not cover underwriting such projects, nor does it cover gas in the region.

See: Banking on Climate Change - policy scores

Relevant policies
csr policiesprivate
2020-04-28 00:00:00

Oil & Gas sector policy out of date

Updated February 2020
2020-04-28 00:00:00
csr policies
2021-02-23 00:00:00

Approach to climate change

Date listed represents date as accessed on website
2021-02-23 00:00:00
Royal Bank of Canada (RBC)
2020-10-02
CAN
0
-1
Canada
Profile
Project
Company
1601589600
Last update: 2020-10-02
Explanation

RBC will not provide direct financing for any project or transaction that involves exploration or development in the Arctic National Wildlife Refuge (ANWR). RBC does not mention infrastructure in this policy, and does not rule out financing projects in the rest of the Arctic region.  

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2020-09-14 00:00:00

Policy guidelines for sensitive sectors and activitities

2020-09-14 00:00:00
References
2020-10-2

RBC becomes the first Canadian bank to rule out funding for Arctic Refuge drilling

2020-10-2
Canadian Parks & Wilderness Society - Yukon Chapter
2020-10-2

Royal Bank of Canada Recognizes that Drilling in the Arctic National Wildlife Refuge is Bad Business

2020-10-2
Vuntut Gwitchin Government and Gwich’in Tribal Council
Santander
2020-03-01
ESP
4
5000000000
100
Spain
Profile
Project
4
Company
1583017200
Last update: 2020-03-01
Explanation

Santander's prohibition on direct financing for the "development, construction or expansion of oil and gas drilling projects north of the Arctic Circle" includes associated infrastructure.

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2020-01-21 00:00:00

Energy sector policy

2020-01-21 00:00:00
Scotiabank
2020-12-15
CAN
0
-1
Canada
Profile
Project
Company
1607986800
Last update: 2020-12-15
Explanation

Scotiabank prohibits "direct financing or project-specific financial and advisory services for activities that are directly related to the exploration, development or production of oil and gas within the Arctic Circle, including the Arctic National Wildlife Refuge."

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2020-12-15 00:00:00

Corporate Responsibility

Includes Scotiabank’s Policy on Financing in the Arctic
2020-12-15 00:00:00
Skandinaviska Enskilda Banken (SEB)
2021-02-01
SWE
0
99
Sweden
Profile
Project
Company
1612134000
Last update: 2021-02-01
Explanation

SEB will not provide finance for exploration or production of Arctic oil and gas.

SEB will not provide financial services to companies with a revenue share of more than 5% originating from oil and gas related activities in environmentally sensitive areas, including the Arctic. A threshold of 15% is applied for companies that explore and produce Arctic oil and/or gas on the Norwegian Continental Shelf (NCS).

See: Banking on Thin Ice

Société Générale
2020-03-01
FRA
5
6000000000
-2
France
Profile
Project
5
Company
1583017200
Last update: 2020-03-01
Explanation

Société Générale prohibits financing for all Arctic oil exploration and production projects, as well as for "infrastructures exclusively dedicated to the transport or storage of [...] Arctic oil." This policy does not cover Arctic gas.

Société Générale prohibits financing for companies that get a majority of their revenue from Arctic oil or have a majority of their reserves in the Arctic region.

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2018-05-18 00:00:00

Sector policy oil and gas

2018-05-18 00:00:00
Standard Chartered
2020-03-01
GBR
4
5000000000
100
United Kingdom
Profile
Project
4
Company
1583017200
Last update: 2020-03-01
Explanation

Standard Chartered's prohibition on direct financing for "new or existing Arctic exploration and/or production activities" also covers Arctic-related infrastructure.

See: Banking on Climate Change - policy scores

Relevant policies
csr policiesprivate
2019-09-19 00:00:00

Extractive Industries Position Statement out of date

2019-09-19 00:00:00
Swedbank
2021-02-01
SWE
0
-1
Sweden
Profile
Project
Company
1612134000
Last update: 2021-02-01
Explanation

Swedbank will not directly finance unconventional fossil fuel production such as Arctic oil and gas.

See: Banking on Thin Ice and Swedbank's updated Position Statement on Climate Change below (Jan. 26, 2021).

Relevant policies
csr policies
2021-01-26 00:00:00

Position Statement Climate Change

2021-01-26 00:00:00
TD
2020-11-09
CAN
0
-1
Canada
Profile
Project
Company
1604876400
Last update: 2020-11-09
Explanation

TD will not provide new project-specific financial service for exploration, development, or production of oil and gas within the Arctic
Circle. It does not mention infrastructure.

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2020-11-03 00:00:00

Non-Retail Environmental and Social Credit Risk Process

2020-11-03 00:00:00
References
2020-11-9

TD is Latest Financial Institution to Pledge Net-Zero Emissions by 2050

2020-11-9
Sierra Club
UBS
2020-03-01
CHE
3.5
4500000000
-2
Switzerland
Profile
Project
3.5
Company
1583017200
Last update: 2020-03-01
Explanation

UBS prohibits financing for "new offshore oil projects in the Arctic."

UBS prohibits financing for companies with ">30% of reserves or production" in Arctic oil, unless the financing is for "renewable energy or conventional oil & gas assets."

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2020-04-21 00:00:00

Climate-related standards in the enery and utilities sectors

Page 56 of the UBS' CSR report 2019
2020-04-21 00:00:00
UniCredit Group
2020-03-01
ITA
5
6000000000
-2
Italy
Profile
Project
5
Company
1583017200
Last update: 2020-03-01
Explanation

UniCredit prohibits financing for Arctic oil extraction projects, onshore and offshore, and Arctic offshore gas extraction projects only, as well as "pipelines and other infrastructure SOLELY related" to onshore and offshore Arctic oil or offshore Arctic gas.

UniCredit requires new and existing clients to get ≤25% of their revenue from onshore and offshore Arctic oil and/or offshore Arctic gas. For existing clients above that threshold, they must have a plan to get below that threshold, to be evaluated annually.

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2019-11-27 00:00:00

Arctic and Non-Conventional Oil & Gas Industry Sector Policy

2019-11-27 00:00:00
Wells Fargo
2020-03-01
USA
3.5
4500000000
-1
United States
Profile
Project
3.5
Company
1583017200
Last update: 2020-03-01
Explanation

Wells Fargo prohibits direct financing of "oil and gas projects in the Arctic region, including the Arctic National Wildlife Refuge'', without further specificity on what that covers.

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2018-06-30 00:00:00

Environmental and Social Risk Management Framework

2018-06-30 00:00:00
Westpac
2020-05-04
AUS
0
-1
Australia
Profile
Project
Company
1588543200
Last update: 2020-05-04
Explanation

Westpac does not provide project finance for oil and gas exploration in high risk frontier basins such as Arctic and Antarctic refuges. Only exploration mentioned in its policy.

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2020-05-04 00:00:00

Climate Change Position Statement and 2023 Action Plan

2020-05-04 00:00:00
Explanation

This table lists banks that have adopted a full ( ) or partial ( ) exclusion policy for Arctic oil and gas projects and/or companies. Click on 'Details' for the rationale of this assessment for each bank.

 

Feedback welcome

Our policy assessments are always a work in progress and we very much welcome any feedback, especially from banks included in them. You can of course also contact us for more information on specific scores and the latest policy changes. Please get in touch at climate@banktrack.org.

News

| |
Type:
Year:
blog
external news
our news

Major banks in Canada stand with the Gwich'in

Banks in Canada and around the world are sending a clear message that drilling in the Arctic National Wildlife Refuge is bad business
2020-12-14 | Gwichin Tribal Council, Vuntut Gwitchin Government
blog
external news
our news

Bank of America says it won’t finance oil and gas exploration in the Arctic

2020-11-30 | Bloomberg
blog
external news
our news

With Bank of America Announcement, Every Major US Bank Has Ruled out Funding for Arctic Drilling

2020-11-30 | Sierra Club, Sierra Club
blog
external news
our news

TD Bank is latest financial institution to pledge net-zero emissions by 2050

Plan also rules out Arctic drilling, but fails to drop tar sands
2020-11-09 | Sierra Club
blog
external news
our news

RBC announces new restrictions on financing coal, oil developments

2020-10-02 | Global News
blog
external news
our news

US banks are getting the message: Arctic drilling is bad business

2020-08-20 | Ben Cushing, Sierra Club
blog
external news
our news

Deutsche Bank’s new policies: much needed movement, still a long way to Paris

2020-07-27 | Berlin, Frankfurt | urgewald
blog
external news
our news

Morgan Stanley next major US bank to rule out financing Arctic oil & gas

The new policy update also excludes financing new thermal coal mines and coal-fired power plants as well as a commitment to phase out financing of thermal coal mining companies.
2020-04-24 | New York | Ben Cushing, Sierra Club
blog
external news
our news

Citigroup announces new coal and Arctic drilling policy; Climate advocates respond

2020-04-21 | San Francisco | BankTrack, Amazon Watch, Indigenous Environmental Network, Rainforest Action Network
blog
external news
our news

Banking on Climate Change – Fossil Fuel Finance Report Card 2020

New report reveals global banks funneled USD 2.7 trillion into fossil fuels Since Paris Climate Agreement, with financing on the rise each year 
2020-03-18 | Nijmegen | BankTrack, Indigenous Environmental Network, Oil Change International, Rainforest Action Network, Reclaim Finance, Sierra Club
blog
external news
our news

Following Goldman Sachs and JPMorgan Chase announcements, Wells Fargo rejects funding for Arctic drilling

2020-03-02 | San Francisco | Sierra Club
blog
external news
our news

JPMorgan Chase Coal and Arctic Policy a step forward but fails to match its climate responsibility as the world’s #1 Fossil Bank

2020-02-24 | Rainforest Action Network
blog
external news
our news

Yet another global bank rejects Arctic Refuge drilling

Lloyds Bank, one of the largest in the UK, will not fund Arctic oil and gas operations
2020-02-21 | Sierra Club
blog
external news
our news

Big businesses face pressure to avoid investing in areas Trump wants to develop

A dozen-and-a-half senators wrote letters to 11 of the largest U.S. banks asking them to back down from financing any oil and gas activity in an unspoiled expanse of Arctic wilderness.
2020-02-03 | The Washington Post
blog
external news
our news

Goldman Sachs to stop financing new drilling for oil in the Arctic

2019-12-16 | The Guardian
blog
external news
our news

Goldman Sachs adopts strongest fossil finance policy by a major US Bank

Bank rules out thermal coal and Arctic oil projects, commits to exit coal mining
2019-12-15 | San Francisco | Rainforest Action Network
blog
external news
our news

UniCredit urged to do the final ‘right thing’ and drop the coal barons

2019-11-27 | Rome, Italy | BankTrack, Re:Common
blog
external news
our news

Ignoring Public Opposition and Significant Risk, Morgan Stanley Fails to Rule Out Support for Arctic Refuge Destruction

2019-08-08 | Washington D.C. | Gabby Brown, Sierra Club
blog
external news
our news

Royal Bank of Scotland joins growing number of financial institutions rejecting Arctic Refuge drilling

2019-08-06 | Edinburgh, Scotland | Sierra Club
blog
external news
our news

Banking on Climate Change – Fossil Fuel Finance Report Card 2019

World's top banks have poured $1.9 trillion into fossil fuel financing since the Paris Agreement was adopted, with financing on the rise each year
2019-03-20 | Nijmegen, the Netherlands | BankTrack, Honor the Earth, Indigenous Environmental Network, Oil Change International, Rainforest Action Network, Sierra Club
blog
external news
our news

As Banks and Investors Reject Arctic Drilling, Where is Wells Fargo?

2018-08-10 | Ben Cushing, Sierra Club
blog
external news
our news

Arctic oil 'undrillable' amid global warming: U.N.'s ex-climate chief

2018-05-15 | Reuters
blog
external news
our news

Investors urge fossil fuel firms to shun Trump's Arctic drilling plans

2018-05-14 | The Guardian
blog
external news
our news

BNP Paribas takes the global lead in excluding unconventional fossil fuels from portfolio

Other banks urged to follow suit, starting with the Equator banks
2017-10-12 | Nijmegen, Paris | BankTrack, Les Amis de la Terre
blog
external news
our news

Frozen Future: Shell investor briefing

2015-02-13 | Platform London, Greenpeace, Oil Change International
blog
external news
our news

Shell and Gazprom Scrap Dangerous Sub-Arctic Offshore Oil Drilling Platforms

2013-10-18 | Pacific Environment website
blog
external news
our news

Shell Abandons its 2013 Arctic Drilling Program

2013-02-27 | Greenpeace
blog
external news
our news

Another storm for Shell highlights risks in financing Arctic oil & gas exploitation

2013-01-16 | Platform website
blog
external news
our news

Breaking the ice on Arctic lending policies

2012-10-12 | Environmental Finance
blog
external news
our news

NGOs seek Sakhalin compensation from Shell, UK banks (Subscription required)

2012-08-01 | Sakhalin Island, Russia | Environmental-Finance
blog
external news
our news

City investors are getting cold feet about Arctic oil prospecting

2012-06-21 | Greenland | The Guardian
blog
external news
our news

WestLB, Oil Platform Lender, Won’t Do Arctic, Antarctic Business

2012-04-27 | Bloomberg
blog
external news
our news

Oil projects too far - banks & investors refuse finance for Arctic oil

2012-04-24 | London | Platform
blog
external news
our news

WestLB is the first bank to refuse finance to offshore oil rigs in the Arctic

2012-04-20 | Germany | Environmental-Finance
blog
external news
our news

Greenland posts Cairn oil spill plan to combat fears

2011-08-16 | Greenland | Reuters
blog
external news
our news

Naidoo determined to scale rig again

2011-06-23 | IOL news
blog
external news
our news

Greenpeace head Kumi Naidoo risks arrest in Arctic oil rig protest

2011-06-17 | Greenland | Guardian.co.uk
blog
external news
our news

Save the Arctic? No thanks, says UK Energy Minister

2011-06-16 | Arctic | IB Times UK- Greenpeace
blog
external news
our news

Cairn wins Arctic drilling injunction

2011-06-09 | Financial Times
blog
external news
our news

Action to stop Arctic oil drilling

2011-06-06 | Huffington Post
blog
external news
our news

Greenpeace Arctic oil protest ended by Danish navy

2011-06-02 | Arctic | Guardian.co.uk
blog
external news
our news

Live Action: Climbers in survival pod stop Arctic oil rig

2011-05-29 | Arctic | Nick Young, Greenpeace
blog
external news
our news

Government documents: Arctic oil spill all but impossible to clear up

2011-05-24 | Arctic | Greenpeace
blog
external news
our news

Wikileaks reveals Arctic could be the new cold war

2011-05-12 | Arctic | Nick Young, Greenpeace
blog
external news
our news

Oil platform could put critically endangered whales at risk

2011-01-24 | Practical Fishkeeping
blog
external news
our news

How an Arctic oil rush will help suffocate the planet

2010-08-28 | International | Greenpeace
blog
external news
our news

Environmental groups condemn Japanese and French banks for financing Sakhalin II oil and gas project in Russia

2008-06-17 | Tokyo, San Fransisco, Moscow, Nijmegen | Pacific Environment
blog
external news
our news

Environmental Victory for Sakhalin II

Project sponsor announces it cannot get financing from US and UK Export Credit Agencies
2008-03-04 | London, Washington, Sakhalin | Pacific Environment
blog
external news
our news

Sakhalin II: new environmental violations brought to light

Banks once more warned for risks of being involved
2007-06-27 | United States of America | Pacific Environment
blog
external news
our news

Banks urged to back off from Sakhalin II

Sakhalin II crucial test for Equator Principles
2005-07-20 | Utrecht | Pacific Environment

Documents

Type:
Year:
our publications
2020-03-18 00:00:00

Banking on Climate Change - Fossil Fuel Finance Report 2020

2020-03-18 00:00:00 | Rainforest Action Network, BankTrack, Indigenous Environmental Network, Oil Change International, Reclaim Finance, Sierra Club
other documents
2020-03-18 00:00:00

Banking on Climate Change - Fossil Finance Report Card 2020 [Excel sheet]

Excel sheet with detailed bank policy scores
2020-03-18 00:00:00 | BankTrack, Rainforest Action Network, Indigenous Environmental Network, Oil Change International, Reclaim Finance, Sierra Club
our publications
2019-03-20 00:00:00

Banking on Climate Change 2019

2019 Fossil Fuel Finance Report Card
2019-03-20 00:00:00 | BankTrack, Honor the Earth, Indigenous Environmental Network, Oil Change International, Rainforest Action Network, Sierra Club.
ngo documents
2017-09-25 00:00:00

Banks: High Carbon, Hidden Risks

2017-09-25 00:00:00 | Rainforest Action Network
our publications
2017-06-21 00:00:00

Banking on Climate Change 2017

Fossil Fuel Finance Report Card 2017
2017-06-21 00:00:00 | Rainforest Action Network, BankTrack, Sierra Club, Oil Change International
our publications
2017-05-04 00:00:00

UBS Fossil Bank Briefing 2017

2017-05-04 00:00:00 | BankTrack, Greenpeace, Waterkeeper Alliance
our publications
2017-04-28 00:00:00

Credit Suisse Fossil Bank Briefing 2017

2017-04-28 00:00:00 | BankTrack and Greenpeace
our publications
2016-06-14 00:00:00

Shorting the Climate

Fossil Fuel Finance Report Card 2016
2016-06-14 00:00:00 | BankTrack, Rainforest Action Network, Sierra Club and Oil Change International
ngo documents
2015-10-05 00:00:00

Financing Climate Chaos

How Minnesota’s Banking Giants Prioritize Profit in the Face of Climate Change
2015-10-05 00:00:00 | MN 350
ngo documents
2013-01-21 00:00:00

Repeated Misadventures

Key questions for Shell on its Alaskan Arctic programme
2013-01-21 00:00:00 | Platform, Greenpeace UK, FairPensions
ngo documents
2012-05-22 00:00:00

Out in the cold

Investor risk in Shell's Arctic exploration
2012-05-22 00:00:00 | Platform
csr policies
2012-02-01 00:00:00

Offshore Oil Drilling and Production Policy

2012-02-01 00:00:00 | WestLB
ngo documents
2011-06-21 00:00:00

Greenpeace press brief: The risks and potential impacts of oil exploration in the Arctic

2011-06-21 00:00:00 | Greenpeace
ngo documents
2011-05-21 00:00:00

Greenpeace press brief: Arctic Council Annual Meeting, Nuuk May 2011

2011-05-21 00:00:00 | Greenpeace
ngo documents
2011-04-21 00:00:00

Cairn Energy - cowboy drilling in the high Arctic

2011-04-21 00:00:00 | Greenpeace
company documents
2011-01-04 00:00:00

Cairn secures rigs for 2011 Greenland Exploration

2011-01-04 00:00:00 | Cairn
ngo documents
2009-07-21 00:00:00

Polar oceans in peril and a planet at risk

2009-07-21 00:00:00 | Greenpeace
our publications
2007-12-12 00:00:00

A Challenging Climate

What international banks should do to combat climate change
2007-12-12 00:00:00 | BankTrack

Media








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