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

Total: 0 points out of 20

See: Banking on Climate Change - policy scores

Total: 0 points out of 20

See: Banking on Climate Change - policy scores

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

Total: 0 points out of 20

See: Banking on Climate Change - policy scores

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

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

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

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

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

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

Total: 0 points out of 20

See: Banking on Climate Change - policy scores

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

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

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

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

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

Total: 0 points out of 20

See: Banking on Thin Ice

Total: 0 points out of 20

See: Banking on Climate Change - policy scores

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

Total: 0 points out of 20

See: Banking on Thin Ice

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

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

Total: 0 points out of 20

See: Banking on Climate Change - policy scores

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

Total: 0 points out of 20

See: Banking on Climate Change - policy scores

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

Total: 0 points out of 20

See: Banking on Thin Ice

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

Total: 0 points out of 20

See: Banking on Climate Change - policy scores

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

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

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

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

Total: 0 points out of 20

See: Banking on Thin Ice

Total: 0 points out of 20

See: Banking on Thin Ice

Total: 0 points out of 20

See: Banking on Climate Change - policy scores

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

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

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

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

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

Total: 0 points out of 20

See: Banking on Thin Ice

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

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

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

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).

Total: 0 points out of 20

See: Banking on Thin Ice

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

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

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

Total: 0 points out of 20

See: Banking on Climate Change - policy scores

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

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