Banks and Arctic oil and gas
By: BankTrack
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Link to Arctic oil and gas policy table
Link to Arctic oil and gas exclusion table

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 JPMorgan Chase, followed by ICBC and China Minsheng Bank. 

Bank policies on Arctic oil and gas are assessed below. These assessments follow the methodology of our Banking on Climate Chaos 2021 report, published in March 2021. 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 2016-2020.

Bank policy scores on Arctic oil and gas

BankLast update
Country
Score
Ranking
Details
ABN AMRO
2020-03-01
NLD
3
Laggard
Agricultural Bank of China
2021-03-24
CHN
0
Laggard
ANZ
2021-03-24
AUS
0
Laggard
Bank of America
2021-03-24
USA
2.5
Laggard
Bank of China
2021-03-24
CHN
0
Laggard
Bank of Communications
2021-03-24
CHN
0
Laggard
Bank of Montreal (BMO)
2021-03-24
CAN
1
Laggard
Barclays
2021-03-24
GBR
4
Laggard
BBVA
2021-03-24
ESP
3
Laggard
BNP Paribas
2021-03-24
FRA
7
Follower
Caixabank
2020-03-01
ESP
2
Laggard
Canadian Imperial Bank of Commerce (CIBC)
2021-03-24
CAN
3
Laggard
China CITIC Bank
2021-03-24
CHN
0
Laggard
China Construction Bank
2021-03-24
CHN
0
Laggard
China Everbright Bank
2021-03-24
CHN
0
Laggard
China Merchants Bank
2021-03-24
CHN
0
Laggard
China Minsheng Bank
2021-03-24
CHN
0
Laggard
Citi
2021-03-24
USA
2.5
Laggard
Commerzbank AG
2021-03-24
DEU
2
Laggard
Commonwealth Bank of Australia
2021-03-24
AUS
2.5
Laggard
Crédit Agricole
2021-03-24
FRA
2.5
Laggard
Crédit Mutuel
2021-03-24
FRA
4.5
Laggard
Credit Suisse Group
2021-03-24
CHE
3
Laggard
Danske Bank
2021-03-25
DNK
4
Laggard
DBS Bank
2020-03-01
SGP
0
Laggard
Deutsche Bank
2021-03-24
DEU
2.5
Laggard
DNB
2021-02-01
NOR
0
Laggard
DZ Bank
2021-03-24
DEU
0
Laggard
Goldman Sachs
2021-03-24
USA
2.5
Laggard
HSBC
2021-03-24
GBR
2
Laggard
Industrial and Commercial Bank of China (ICBC)
2021-03-24
CHN
0
Laggard
Industrial Bank of China
2021-03-24
CHN
0
Laggard
ING
2021-03-24
NLD
5
Follower
Intesa Sanpaolo
2021-03-24
ITA
0
Laggard
JPMorgan Chase
2021-03-24
USA
3.5
Laggard
Jyske Bank
2021-02-01
DNK
0
Laggard
Lloyds Banking Group
2021-03-24
GBR
2
Laggard
Mitsubishi UFJ Financial Group (MUFG)
2021-03-24
JPN
0.5
Laggard
Mizuho
2021-03-24
JPN
0
Laggard
Morgan Stanley
2021-03-24
USA
2.5
Laggard
National Australia Bank
2021-03-24
AUS
1
Laggard
Natixis
2021-03-24
FRA
2
Laggard
NatWest
2021-03-24
GBR
2.5
Laggard
Nordea
2021-03-24
FIN
0
Laggard
Nykredit
2021-02-01
DNK
0
Laggard
OCBC
2020-03-01
SGP
0
Laggard
Ping An Bank
2021-03-24
CHN
0
Laggard
Postal Savings Bank of China
2021-03-24
CHN
0
Laggard
Rabobank
2021-03-24
NLD
1
Laggard
Royal Bank of Canada (RBC)
2021-03-24
CAN
1.5
Laggard
Santander
2021-03-24
ESP
7
Follower
Sberbank
2021-03-24
RUS
0
Laggard
Scotiabank
2021-03-24
CAN
2
Laggard
Shanghai Pudong Development Bank
2021-03-24
CHN
0
Laggard
Shinhan Financial Group
2021-03-24
KOR
0
Laggard
Skandinaviska Enskilda Banken (SEB)
2021-02-01
SWE
7
Follower
Société Générale
2021-03-24
FRA
4
Laggard
Sparebank 1 SR-Bank
2021-02-01
NOR
0
Laggard
Standard Chartered
2021-03-24
GBR
3
Laggard
State Bank of India
2021-03-24
IND
0
Laggard
Sumitomo Mitsui Banking Corporation (SMBC)
2021-03-24
JPN
0.5
Laggard
Sumitomo Mitsui Trust Holdings
2021-03-24
JPN
0
Laggard
Svenska Handelsbanken
2021-02-01
SWE
0.5
Laggard
Swedbank
2021-02-01
SWE
1
Laggard
Sydbank
2021-02-01
DNK
0
Laggard
TD
2021-03-24
CAN
2
Laggard
Truist Financial Corporation
2021-03-24
USA
0
Laggard
UBS
2021-03-24
CHE
3
Laggard
UniCredit Group
2021-03-24
ITA
4
Laggard
United Overseas Bank
2021-03-24
SGP
0
Laggard
US Bancorp
2021-03-24
USA
2.5
Laggard
Wells Fargo
2021-03-24
USA
1.5
Laggard
Westpac
2021-03-24
AUS
1
Laggard
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), moderate exclusion (2), strong exclusion (3)

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

  • None (0), weak exclusion (2), strong exclusion (4)

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), moderate exclusion threshold (4), strong exclusion threshold (5), full exclusion (6)

A bank can obtain a total of 18 policy points for its Arctic oil and gas policy. Based on this score banks are then classified as laggards, followers, front runners or leaders.

Laggard
Follower
Front runner
Leader
0 - 4.5 points
5 - 9 points
9.5 - 13.5 points
14 - 18 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
Project
Company
Details
ABN AMRO
2020-03-01
NLD
4
Bank of America
2021-03-24
USA
Bank of Montreal (BMO)
2021-03-24
CAN
Barclays
2021-03-24
GBR
0.5
BBVA
2021-03-24
ESP
3
BNP Paribas
2021-03-24
FRA
8
Caixabank
2020-03-01
ESP
3
Canadian Imperial Bank of Commerce (CIBC)
2021-03-24
CAN
Citi
2021-03-24
USA
0.5
Commerzbank AG
2021-03-24
DEU
3
Commonwealth Bank of Australia
2021-03-24
AUS
3.5
Crédit Agricole
2021-03-24
FRA
5
Crédit Mutuel
2021-03-24
FRA
Credit Suisse Group
2021-03-24
CHE
Danske Bank
2021-03-25
DNK
Deutsche Bank
2021-03-24
DEU
Goldman Sachs
2021-03-24
USA
3.5
HSBC
2021-03-24
GBR
3
ING
2021-03-24
NLD
5
JPMorgan Chase
2021-03-24
USA
4.5
Lloyds Banking Group
2021-03-24
GBR
Morgan Stanley
2021-03-24
USA
0.5
National Australia Bank
2021-03-24
AUS
1.5
Natixis
2021-03-24
FRA
3
NatWest
2021-03-24
GBR
3.5
Rabobank
2021-03-24
NLD
Royal Bank of Canada (RBC)
2021-03-24
CAN
Santander
2021-03-24
ESP
4
Scotiabank
2021-03-24
CAN
Skandinaviska Enskilda Banken (SEB)
2021-02-01
SWE
Société Générale
2021-03-24
FRA
5
Standard Chartered
2021-03-24
GBR
4
Swedbank
2021-02-01
SWE
TD
2021-03-24
CAN
UBS
2021-03-24
CHE
3.5
UniCredit Group
2021-03-24
ITA
5
US Bancorp
2021-03-24
USA
Wells Fargo
2021-03-24
USA
3.5
Westpac
2021-03-24
AUS
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

Central banks failing to match green rhetoric with action

Absence of high impact climate policies among G20 central banks, report reveals
2021-03-31 | Positive Money
blog
external news
our news

Banking on Climate Chaos 2021: World’s 60 largest banks have poured USD 3.8 trillion into fossil fuels since Paris Agreement

Even amidst the global economic downturn, fossil fuel financing numbers were higher in 2020 than 2016
2021-03-24 | Nijmegen | BankTrack, Indigenous Environmental Network, Oil Change International, Rainforest Action Network, Reclaim Finance, Sierra Club
blog
external news
our news

Cancelled Annova LNG Export Project Signals Potential Headwinds for U.S. FIDs

The sponsors of the planned Annova liquefied natural gas (LNG) export project in South Texas have called quits on the development, citing changes in the global market.
2021-03-23 | Natural Gas Intelligence
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, ReCommon
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

Banking on Climate Chaos 2021

Fossil Fuel Finance Report
2021-03-24 00:00:00 | BankTrack, Indigenous Environmental Network, Oil Change International, Rainforest Action Network, Reclaim Finance & Sierra Club
our publications

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

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

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

Banks: High Carbon, Hidden Risks

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

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

UBS Fossil Bank Briefing 2017

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

Credit Suisse Fossil Bank Briefing 2017

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

Shorting the Climate

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

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

Repeated Misadventures

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

Out in the cold

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

Offshore Oil Drilling and Production Policy

2012-02-01 00:00:00 | WestLB
ngo documents

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

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

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

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

Cairn Energy - cowboy drilling in the high Arctic

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

Cairn secures rigs for 2011 Greenland Exploration

2011-01-04 00:00:00 | Cairn
ngo documents

Polar oceans in peril and a planet at risk

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

A Challenging Climate

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

Media