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Home › Campaigns › Banks and Climate › Banks and fossil fuel financing ›
Banking on Climate Chaos 2022 - Offshore oil and gas. Photo: Rainforest Action Network (RAN)

Banks and offshore oil and gas

By: BankTrack
Contact:

For any feedback or questions on this page please contact us at climate@banktrack.org

Banking on Climate Chaos 2022 - Offshore oil and gas. Photo: Rainforest Action Network (RAN)
By: BankTrack
Contact:

For any feedback or questions on this page please contact us at climate@banktrack.org

Go to offshore oil and gas policy table Go to offshore oil and gas exclusion table

Offshore oil and gas

Offshore oil and gas refers to all exploration taking place at sea. Oil and gas can be extracted by drilling a borehole below the seabed and transporting the oil or gas to onshore facilities by either a pipeline or via oil/LNG-carrying ships. Offshore oil and gas production is more challenging than land-based installations due to rough seas, a lack of pre-existing infrastructure, and the need to anchor the platform to the seabed or keep it in place using GPS systems, called dynamic positioning. Drilling at sea is also very expensive – up to many hundred millions of US dollars per well – and can only be profitable when the oil or gas price is high. Recent exploration has opened new areas for offshore oil and gas drilling in Guyana, Suriname, the Mediterranean, and South Africa. 

Drilling offshore for oil and gas is dangerous and several disasters have occured in the last decades, of which the blowout and oil spill of Deepwater Horizon in 2010 remains arguably the most dire example. But even when oil or gas spills do not occur, offshore operations have a negative impact. The drilling itself, its production water (which contains oil and suspended solids), and daily operations on the platform all negatively affect the environment. Finally, the costs of decommissioning an oil platform at the end of operations can cost up to a couple of hundred million US dollars per platform, which oil companies are often not willing to pay. As a consequence, companies often leave these platforms, or parts of them, to deteriorate.

Banks and offshore oil and gas

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

The biggest financiers of offshore oil and gas since the Paris Climate Agreement (2016-2021) are BNP Paribas (USD 36.5 billion), JPMorgan Chase (USD 35 billion) and Citi (USD 34.5 billion).

Bank policies on offshore oil and gas are assessed below. These assessments follow the methodology of our Banking on Climate Chaos 2022 report, published in March 2022. 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 offshore oil and gas sector during 2016-2021.

Bank policy scores on offshore oil and gas

BankLast update
Country
Score
Ranking
Details
Agricultural Bank of China
2021-03-24
CHN
0
Laggard
0
China
Profile
Score
Laggard
0
20210324
Last update: 2021-03-24
Explanation

Total: 0 points out of 18

See: Policy scores Excel sheet

ANZ
2021-03-24
AUS
0
Laggard
0
Australia
Profile
Score
Laggard
0
20210324
Last update: 2021-03-24
Explanation

Total: 0 points out of 18

See: Policy scores Excel sheet

Bank of America
2021-03-24
USA
0
Laggard
0
United States
Profile
Score
Laggard
0
20210324
Last update: 2021-03-24
Explanation

Total: 0 points out of 18

See: Policy scores Excel sheet

Bank of China
2021-03-24
CHN
0
Laggard
0
China
Profile
Score
Laggard
0
20210324
Last update: 2021-03-24
Explanation

Total: 0 points out of 18

See: Policy scores Excel sheet

Bank of Communications
2021-03-24
CHN
0
Laggard
0
China
Profile
Score
Laggard
0
20210324
Last update: 2021-03-24
Explanation

Total: 0 points out of 18

See: Policy scores Excel sheet

Bank of Montreal (BMO)
2021-03-24
CAN
0
Laggard
0
Canada
Profile
Score
Laggard
0
20210324
Last update: 2021-03-24
Explanation

Total: 0 points out of 18

See: Policy scores Excel sheet

Barclays
2021-03-24
GBR
0
Laggard
0
United Kingdom
Profile
Score
Laggard
0
20210324
Last update: 2021-03-24
Explanation

Total: 0 points out of 18

See: Policy scores Excel sheet

BBVA
2021-03-24
ESP
0.5
Laggard
0
Spain
Profile
Score
Laggard
0.5
20210324
Last update: 2021-03-24
Explanation

Total: 0.5 point out of 18

0.5 point for enhanced due diligence regarding offshore oil and gas companies: BBVA has enhanced due diligence for offshore oil and gas.

See: Policy scores Excel sheet

Relevant policies
2019-03-01 00:00:00

Sector Norms

Bank policy
2019-03-01 00:00:00
BNP Paribas
2021-03-24
FRA
0.5
Laggard
0
France
Profile
Score
Laggard
0.5
20210324
Last update: 2021-03-24
Explanation

Total: 0.5 point out of 18

0.5 point for enhanced due diligence regarding offshore oil and gas companies: BNP Paribas conducts enhanced due diligence on "projects in deep waters."

See: Policy scores Excel sheet

Canadian Imperial Bank of Commerce (CIBC)
2021-03-24
CAN
0
Laggard
0
Canada
Profile
Score
Laggard
0
20210324
Last update: 2021-03-24
Explanation

Total: 0 points out of 18

See: Policy scores Excel sheet

China CITIC Bank
2021-03-24
CHN
0
Laggard
0
China
Profile
Score
Laggard
0
20210324
Last update: 2021-03-24
Explanation

Total: 0 points out of 18

See: Policy scores Excel sheet

China Construction Bank
2021-03-24
CHN
0
Laggard
0
China
Profile
Score
Laggard
0
20210324
Last update: 2021-03-24
Explanation

Total: 0 points out of 18

See: Policy scores Excel sheet

China Everbright Bank
2021-03-24
CHN
0
Laggard
0
China
Profile
Score
Laggard
0
20210324
Last update: 2021-03-24
Explanation

Total: 0 points out of 18

See: Policy scores Excel sheet

China Merchants Bank
2021-03-24
CHN
0
Laggard
0
China
Profile
Score
Laggard
0
20210324
Last update: 2021-03-24
Explanation

Total: 0 points out of 18

See: Policy scores Excel sheet

China Minsheng Bank
2021-03-24
CHN
0
Laggard
0
China
Profile
Score
Laggard
0
20210324
Last update: 2021-03-24
Explanation

Total: 0 points out of 18

See: Policy scores Excel sheet

Citi
2021-03-24
USA
0.5
Laggard
0
United States
Profile
Score
Laggard
0.5
20210324
Last update: 2021-03-24
Explanation

Total: 0.5 point out of 18

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

See: Policy scores Excel sheet

Relevant policies
2021-03-15 00:00:00

Environmental and Social Policy Framework out of date

Bank policy
2021-03-15 00:00:00
private
Commerzbank AG
2021-03-24
DEU
0
Laggard
0
Germany
Profile
Score
Laggard
0
20210324
Last update: 2021-03-24
Explanation

Total: 0 points out of 18

See: Policy scores Excel sheet

Commonwealth Bank of Australia
2021-03-24
AUS
0.5
Laggard
0
Australia
Profile
Score
Laggard
0.5
20210324
Last update: 2021-03-24
Explanation

Total: 0.5 point out of 18

0.5 point for enhanced due diligence regarding offshore oil and gas companies: Commonwealth Bank explicitly requires that new oil and gas projects, including offshore 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: Policy scores Excel sheet

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

Environmental and Social Framework out of date

Bank policy
2019-11-14 00:00:00
private
Crédit Agricole
2021-03-24
FRA
0
Laggard
0
France
Profile
Score
Laggard
0
20210324
Last update: 2021-03-24
Explanation

Total: 0 points out of 18

See: Policy scores Excel sheet

Crédit Mutuel
2021-03-24
FRA
2.5
Laggard
0
France
Profile
Score
Laggard
2.5
20210324
Last update: 2021-03-24
Explanation

Total: 2.5 points out of 18

1 point for a weak exclusion of offshore oil and gas projects: Crédit Mutuel prohibits financing for the exploration, production, transport infrastructure of deep sea oil.

1.5 points for the commitment to reduce financing for offshore oil and gas companies: Crédit Mutuel will prohibit financing to companies which derive a significant proportion of their revenues from the exploration or production of ultradeepwater oil.

See: Policy scores Excel sheet

Credit Suisse Group
2021-03-24
CHE
0
Laggard
0
Switzerland
Profile
Score
Laggard
0
20210324
Last update: 2021-03-24
Explanation

Total: 0 points out of 18

See: Policy scores Excel sheet

Danske Bank
2021-03-25
DNK
2
Laggard
0
Denmark
Profile
Score
Laggard
2
20210325
Last update: 2021-03-25
Explanation

Total: 2 points out of 18

2 points for a weak exclusion threshold for offshore oil and gas companies: Danske Bank does not provide financial services to companies that generate more than 5% of their revenues from ultra deep sea oil and gas exploration and production. This is assessed as weak as the threshold applied is based on revenues, and because a company may be exempted from this threshold if it "can demonstrate their commitment, and ability, to phase-out the use and production of fossil fuels in alignment with the 2015 Paris Agreement."

See: Policy scores Excel sheet

Relevant policies
2021-03-25 00:00:00

Position Statement on Fossil Fuels

Bank policy
2021-03-25 00:00:00
DBS Bank
2020-03-01
SGP
0.5
Laggard
0
Singapore
Profile
Score
Laggard
0.5
20200301
Last update: 2020-03-01
Explanation

Total: 0.5 point out of 18

0.5 point for enhanced due diligence regarding offshore oil and gas companies: DBS has an enhanced due diligence procedure for customers whose operations include deepwater drilling. 

See: Policy scores Excel sheet

Deutsche Bank
2021-03-24
DEU
0
Laggard
0
Germany
Profile
Score
Laggard
0
20210324
Last update: 2021-03-24
Explanation

Total: 0 points out of 18

See: Policy scores Excel sheet

DNB
2021-02-01
NOR
0
Laggard
0
Norway
Profile
Score
Laggard
0
20210201
Last update: 2021-02-01
Explanation

Total: 0 points out of 18

See: Policy scores Excel sheet

DZ Bank
2021-03-24
DEU
0
Laggard
0
Germany
Profile
Score
Laggard
0
20210324
Last update: 2021-03-24
Explanation

Total: 0 points out of 18

See: Policy scores Excel sheet

Goldman Sachs
2021-03-24
USA
0.5
Laggard
0
United States
Profile
Score
Laggard
0.5
20210324
Last update: 2021-03-24
Explanation

Total: 0.5 point out of 18

0.5 point for enhanced due diligence regarding offshore oil and gas companies: Goldman Sachs conducts enhanced due diligence for "financings that can facilitate the development of new oil and gas reserves or related infrastructure" in deep offshore waters.

See: Policy scores Excel sheet

Relevant policies
2022-01-25 00:00:00

Sector Guidelines: General Industries, Agriculture/Soft Commodities, Metals & Mining, Oil & Gas, Power Generation

Date listed represents date as accessed on website
Bank policy
2022-01-25 00:00:00
HSBC
2021-03-24
GBR
0
Laggard
0
United Kingdom
Profile
Score
Laggard
0
20210324
Last update: 2021-03-24
Explanation

Total: 0 points out of 18

See: Policy scores Excel sheet

Industrial and Commercial Bank of China (ICBC)
2021-03-24
CHN
0
Laggard
0
China
Profile
Score
Laggard
0
20210324
Last update: 2021-03-24
Explanation

Total: 0 points out of 18

See: Policy scores Excel sheet

Industrial Bank of China
2021-03-24
CHN
0
Laggard
0
China
Profile
Score
Laggard
0
20210324
Last update: 2021-03-24
Explanation

Total: 0 points out of 18

See: Policy scores Excel sheet

ING
2021-03-24
NLD
0.5
Laggard
0
Netherlands
Profile
Score
Laggard
0.5
20210324
Last update: 2021-03-24
Explanation

Total: 0.5 points out of 18

0.5 point for enhanced due diligence regarding offshore oil and gas companies: ING conducts enhanced due diligence for new oil and gas exporation and development in increasingly complex operating environments, such as deep offshore waters.

See: Policy scores Excel sheet

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

Environmental and Social Risk Framework out of date

Bank policy
2019-07-01 00:00:00
private
Intesa Sanpaolo
2021-03-24
ITA
0
Laggard
0
Italy
Profile
Score
Laggard
0
20210324
Last update: 2021-03-24
Explanation

Total: 0 points out of 18

See: Policy scores Excel sheet

JPMorgan Chase
2021-03-24
USA
0
Laggard
0
United States
Profile
Score
Laggard
0
20210324
Last update: 2021-03-24
Explanation

Total: 0 points out of 18

See: Policy scores Excel sheet

Jyske Bank
2021-02-01
DNK
0
Laggard
0
Denmark
Profile
Score
Laggard
0
20210201
Last update: 2021-02-01
Explanation

Total: 0 points out of 18

See: Policy scores Excel sheet

KBC
2021-11-03
BEL
3
Laggard
0
Belgium
Profile
Score
Laggard
3
20211103
Last update: 2021-11-03
Explanation

Total: 3 points out of 18

1 point for a weak exclusion of offshore projects: KBC prohibits financing for offshore exploration and development projects, but not infrastructure.

2 points for a weak exclusion threshold for offshore companies: KBC prohibits financing for "specialist companies that are only active in the development and extraction of oil and gas fields," which includes some offshore drilling companies.

See: Policy scores Excel sheet

Relevant policies
2021-11-01 00:00:00

Energy credit, insurance and advisory services policy

Bank policy
2021-11-01 00:00:00
Lloyds Banking Group
2021-03-24
GBR
2
Laggard
0
United Kingdom
Profile
Score
Laggard
2
20210324
Last update: 2021-03-24
Explanation

Total: 2 points out of 18

2 points for a weak exclusion threshold for offshore oil and gas companies: Lloyds Banking Group will not generally support businesses involved only in exploration, which is particularly salient offshore.

See: Policy scores Excel sheet

Mitsubishi UFJ Financial Group (MUFG)
2021-03-24
JPN
0
Laggard
0
Japan
Profile
Score
Laggard
0
20210324
Last update: 2021-03-24
Explanation

Total: 0 points out of 18

See: Policy scores Excel sheet

Mizuho
2021-03-24
JPN
0
Laggard
0
Japan
Profile
Score
Laggard
0
20210324
Last update: 2021-03-24
Explanation

Total: 0 points out of 18

See: Policy scores Excel sheet

Morgan Stanley
2021-03-24
USA
0.5
Laggard
0
United States
Profile
Score
Laggard
0.5
20210324
Last update: 2021-03-24
Explanation

Total: 0.5 point out of 18

0.5 point for enhanced due diligence regarding offshore oil and gas companies: Morgan Stanley conducts enhanced due diligence for transactions related to ultra deepwater oil and gas exploration and production. 

See: Policy scores Excel sheet

Relevant policies
2020-12-31 00:00:00

Environmental and social policy statement out of date

Bank policy
2020-12-31 00:00:00
private
National Australia Bank (NAB)
2021-03-24
AUS
0
Laggard
0
Australia
Profile
Score
Laggard
0
20210324
Last update: 2021-03-24
Explanation

Total: 0 points out of 18

See: Policy scores Excel sheet

Natixis
2021-03-24
FRA
0.5
Laggard
0
France
Profile
Score
Laggard
0.5
20210324
Last update: 2021-03-24
Explanation

Total: 0.5 point out of 18

0.5 point for enhanced due diligence regarding offshore oil and gas companies: BPCE/Natixis has enhanced due diligence for offshore oil and gas companies. 

See: Policy scores Excel sheet

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

ESR Sector Policy - Oil and Gas

Bank policy
2018-11-23 00:00:00
NatWest
2021-03-24
GBR
1.5
Laggard
0
United Kingdom
Profile
Score
Laggard
1.5
20210324
Last update: 2021-03-24
Explanation

Total: 1.5 points out of 18

1 point for a weak exclusion of offshore oil and gas projects: NatWest does not finance proojects involving exploration for new oil and gas reserves, which includes offshore exploration projects.

0.5 point for enhanced due diligence regarding offshore oil and gas companies: NatWest's 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 NatWest. In the meantime, this qualifies as enhanced due diligence for offshore oil and gas.

See: Policy scores Excel sheet

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

Oil & gas sector policy

Bank policy
2020-07-31 00:00:00
Nedbank Group
2021-04-22
ZAF
0
Laggard
0
South Africa
Profile
Score
Laggard
0
20210422
Last update: 2021-04-22
Explanation

Total: 0 points out of 18

See: Policy scores Excel sheet

Nordea
2021-09-09
FIN
0
Laggard
0
Finland
Profile
Score
Laggard
0
20210909
Last update: 2021-09-09
Explanation

Total: 0 points out of 18

See: Policy scores Excel sheet

Relevant policies
2021-09-09 00:00:00

Sector Guideline for the Fossil Fuel based Industries out of date

Bank policy
2021-09-09 00:00:00
private
Nykredit
2021-02-01
DNK
0
Laggard
0
Denmark
Profile
Score
Laggard
0
20210201
Last update: 2021-02-01
Explanation

Total: 0 points out of 18

See: Policy scores Excel sheet

OCBC
2020-03-01
SGP
0
Laggard
0
Singapore
Profile
Score
Laggard
0
20200301
Last update: 2020-03-01
Explanation

Total: 0 points out of 18

See: Policy scores Excel sheet

Ping An Bank
2021-03-24
CHN
0
Laggard
0
China
Profile
Score
Laggard
0
20210324
Last update: 2021-03-24
Explanation

Total: 0 points out of 18

See: Policy scores Excel sheet

Postal Savings Bank of China
2021-03-24
CHN
0
Laggard
0
China
Profile
Score
Laggard
0
20210324
Last update: 2021-03-24
Explanation

Total: 0 points out of 18

See: Policy scores Excel sheet

Rabobank
2021-03-24
NLD
0
Laggard
0
Netherlands
Profile
Score
Laggard
0
20210324
Last update: 2021-03-24
Explanation

Total: 0 points out of 18

See: Policy scores Excel sheet

Royal Bank of Canada (RBC)
2021-03-24
CAN
0
Laggard
0
Canada
Profile
Score
Laggard
0
20210324
Last update: 2021-03-24
Explanation

Total: 0 points out of 18

See: Policy scores Excel sheet

Santander
2021-03-24
ESP
0.5
Laggard
0
Spain
Profile
Score
Laggard
0.5
20210324
Last update: 2021-03-24
Explanation

Total: 0.5 point out of 18

0.5 point for enhanced due diligence regarding offshore oil and gas companies: Santander conducts enhanced due diligence on transactions related to oil and gas production in "deep-sea and ultra-deep-sea fields."

See: Policy scores Excel sheet

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

Energy sector policy out of date

Bank policy
2020-01-21 00:00:00
private
Sberbank
2021-03-24
RUS
0
Laggard
0
Russian Federation
Profile
Score
Laggard
0
20210324
Last update: 2021-03-24
Explanation

Total: 0 points out of 18

See: Policy scores Excel sheet

Scotiabank
2021-03-24
CAN
0
Laggard
0
Canada
Profile
Score
Laggard
0
20210324
Last update: 2021-03-24
Explanation

Total: 0 points out of 18

See: Policy scores Excel sheet

Shanghai Pudong Development Bank
2021-03-24
CHN
0
Laggard
0
China
Profile
Score
Laggard
0
20210324
Last update: 2021-03-24
Explanation

Total: 0 points out of 18

See: Policy scores Excel sheet

Shinhan Financial Group
2021-03-24
KOR
0.5
Laggard
0
South Korea
Profile
Score
Laggard
0.5
20210324
Last update: 2021-03-24
Explanation

Total: 0.5 point out of 18

0.5 point for enhanced due diligence regarding offshore oil and gas companies: Shinhan conducts enhanced due diligence for offshore oil-related transactions.

See: Policy scores Excel sheet

Skandinaviska Enskilda Banken (SEB)
2021-02-01
SWE
3
Laggard
0
Sweden
Profile
Score
Laggard
3
20210201
Last update: 2021-02-01
Explanation

Total: 3 points out of 18

3 points for a strong exclusion of offshore oil and gas projects: SEB will not provide financial services to offshore related fossil assets (drilling rigs, seismic equipment and dedicated fossil extraction offshore support vessels) where revenue from these assets represents more than 5% of an owners' revenue.

See: Policy scores Excel sheet

Relevant policies
2021-02-23 00:00:00

Sector Policy on Fossil Fuels

Bank policy
2021-02-23 00:00:00
Société Générale
2021-03-24
FRA
0
Laggard
0
France
Profile
Score
Laggard
0
20210324
Last update: 2021-03-24
Explanation

Total: 0 points out of 18

See: Policy scores Excel sheet

Sparebank 1 SR-Bank
2021-02-01
NOR
0
Laggard
0
Norway
Profile
Score
Laggard
0
20210201
Last update: 2021-02-01
Explanation

Total: 0 points out of 18

See: Policy scores Excel sheet

Standard Chartered
2021-03-24
GBR
0.5
Laggard
0
United Kingdom
Profile
Score
Laggard
0.5
20210324
Last update: 2021-03-24
Explanation

Total: 0.5 points out of 18

0.5 point for enhanced due diligence regarding offshore oil and gas companies: Standard Chartered will only provide financial services to clients who operate offshore service vessels or tankers compliant with IMO requirements.

See: Policy scores Excel sheet

State Bank of India
2021-03-24
IND
0
Laggard
0
India
Profile
Score
Laggard
0
20210324
Last update: 2021-03-24
Explanation

Total: 0 points out of 18

See: Policy scores Excel sheet

Sumitomo Mitsui Banking Corporation (SMBC)
2021-03-24
JPN
0
Laggard
0
Japan
Profile
Score
Laggard
0
20210324
Last update: 2021-03-24
Explanation

Total: 0 points out of 18

See: Policy scores Excel sheet

Sumitomo Mitsui Trust Holdings
2021-03-24
JPN
0
Laggard
0
Japan
Profile
Score
Laggard
0
20210324
Last update: 2021-03-24
Explanation

Total: 0 points out of 18

See: Policy scores Excel sheet

Svenska Handelsbanken
2021-02-01
SWE
0.5
Laggard
0
Sweden
Profile
Score
Laggard
0.5
20210201
Last update: 2021-02-01
Explanation

Total: 0.5 points out of 18

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

See: Policy scores Excel sheet

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

Environment and climate change guidelines out of date

Bank policy
2020-05-11 00:00:00
private
Swedbank
2021-02-01
SWE
0
Laggard
0
Sweden
Profile
Score
Laggard
0
20210201
Last update: 2021-02-01
Explanation

Total: 0 points out of 18

See: Policy scores Excel sheet

Sydbank
2021-02-01
DNK
0
Laggard
0
Denmark
Profile
Score
Laggard
0
20210201
Last update: 2021-02-01
Explanation

Total: 0 points out of 18

See: Policy scores Excel sheet

TD
2021-03-24
CAN
0
Laggard
0
Canada
Profile
Score
Laggard
0
20210324
Last update: 2021-03-24
Explanation

Total: 0 points out of 18

See: Policy scores Excel sheet

Truist Financial Corporation
2021-03-24
USA
0
Laggard
0
United States
Profile
Score
Laggard
0
20210324
Last update: 2021-03-24
Explanation

Total: 0 points out of 18

See: Policy scores Excel sheet

UBS
2021-05-03
CHE
0.5
Laggard
0
Switzerland
Profile
Score
Laggard
0.5
20210503
Last update: 2021-05-03
Explanation

Total: 0.5 point out of 18

0.5 point for enhanced due diligence regarding offshore oil and gas companies: UBS conducts enhanced due diligence only for "transactions directly related to ultra-deepwater drilling assets."

See: Policy scores Excel sheet

Relevant policies
2021-05-03 00:00:00

Environmental and social risk policy framework 2021

Bank policy
2021-05-03 00:00:00
UniCredit Group
2021-03-24
ITA
3
Laggard
0
Italy
Profile
Score
Laggard
3
20210324
Last update: 2021-03-24
Explanation

Total: 3 points out of 18

1 point for a weak exclusion of offshore oil and gas projects: UniCredit prohibits financing for ultra-deepwater oil and gas extraction projects, as well as "pipelines and other infrastructure SOLELY related" to ultra-deepwater oil and gas.

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

See: Policy scores Excel sheet

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

Arctic and Non-Conventional Oil & Gas Industry Sector Policy out of date

Bank policy
2019-11-27 00:00:00
private
United Overseas Bank
2020-03-01
SGP
0
Laggard
0
Singapore
Profile
Score
Laggard
0
20200301
Last update: 2020-03-01
Explanation

Total: 0 points out of 18

See: Policy scores Excel sheet

US Bancorp
2021-03-24
USA
1.5
Laggard
0
United States
Profile
Score
Laggard
1.5
20210324
Last update: 2021-03-24
Explanation

Total: 1.5 points out of 18

1 point for a weak exclusion of offshore oil and gas projects: U.S. Bank does not provide project financing of long-term infrastructure or industrial projects, which would include offshore oil and gas projects. This prohibition does not appear to cover all forms of direct financing for these projects, and so is assessed as "weak".

0.5 point for enhanced due diligence regarding offshore oil and gas companies: U.S. Bank conducts enhanced due diligence for offshore oil-related transactions. 

See: Policy scores Excel sheet

Relevant policies
2020-02-11 00:00:00

Environmental responsibility policy

Bank policy
2020-02-11 00:00:00
Wells Fargo
2021-03-24
USA
0.5
Laggard
0
United States
Profile
Score
Laggard
0.5
20210324
Last update: 2021-03-24
Explanation

Total: 0.5 point out of 18

0.5 point for enhanced due diligence regarding offshore oil and gas companies: Wells Fargo conducts enhanced due diligence for customers with operations offshore.

See: Policy scores Excel sheet

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

Environmental and Social Risk Management Framework out of date

Bank policy
2018-06-30 00:00:00
private
Westpac
2021-03-24
AUS
0
Laggard
0
Australia
Profile
Score
Laggard
0
20210324
Last update: 2021-03-24
Explanation

Total: 0 points out of 18

See: Policy scores Excel sheet

Explanation

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

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

  • None (0), weak exclusion (1), strong exclusion (3)

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

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

3) The bank’s commitment to phase-out financing for offshore 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 offshore 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 18 policy points for its offshore 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 offshore oil and gas

A number of banks have already taken steps to fully or partially exclude offshore oil and gas projects or companies involved in offshore oil and gas operations from their investments. The table below lists banks that have taken such steps. 

Exclusion table offshore oil and gas

BankLast update
Country
Project
Company
Details
Crédit Mutuel
2021-03-24
FRA
-10
France
Profile
Project
Company
20210324
Last update: 2021-03-24
Explanation

Crédit Mutuel prohibits financing for the exploration, production, transport infrastructure of deep sea oil.

See: Policy scores Excel sheet

Danske Bank
2021-03-25
DNK
-1
Denmark
Profile
Project
Company
20210325
Last update: 2021-03-25
Explanation

Danske Bank does not provide financial services to companies that generate more than 5% of their revenues from ultra deep sea oil and gas exploration and production. The threshold applied is based on revenues, and a company may be exempted from this threshold if it "can demonstrate their commitment, and ability, to phase-out the use and production of fossil fuels in alignment with the 2015 Paris Agreement."

See: Policy scores Excel sheet

Relevant policies
2021-03-25 00:00:00

Position Statement on Fossil Fuels

Bank policy
2021-03-25 00:00:00
Lloyds Banking Group
2021-03-24
GBR
-10
United Kingdom
Profile
Project
Company
20210324
Last update: 2021-03-24
Explanation

Lloyds Banking Group will not generally support businesses involved only in exploration, which is particularly salient offshore.

See: Policy scores Excel sheet

NatWest
2021-03-24
GBR
-10
United Kingdom
Profile
Project
3.5
Company
20210324
Last update: 2021-03-24
Explanation

NatWest does not finance projects involving exploration for new oil and gas reserves, which includes offshore exploration projects.

See: Policy scores Excel sheet

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

Oil & gas sector policy

Bank policy
2020-07-31 00:00:00
Raiffeisen Bank International Group
2022-06-28
AUT
90
Austria
Profile
Project
Company
20220628
Last update: 2022-06-28
Explanation

Projects:

RBI prohibits financing for ultra-deepwater (>1.500 m) oil and gas extraction projects, as well as "pipelines and other infrastructure SOLELY related" to ultra-deepwater oil and gas.

Companies:

RBI Group requires new and existing clients to get <25% of their revenue from ultra-deepwater oil and gas. For existing clients above that threshold, they must have a plan to get below that threshold, to be evaluated annually and they must have an environmental management policy in place including a description how the organization minimizes the adverse impacts on water ecosystems associated with the sector activities (including destruction of natural land forms and the wildlife). The fulfilment will be evaluated annually. RBI Group will phase out companies producing more than 25% ultra-deepwater oil & gas until 2025 whenever RBI is aware of and has access to this information. RBI will make efforts to collect the respective information.

Relevant policies
2022-06-30 00:00:00

Exclusion Policy on Oil & Gas

Bank policy
2022-06-30 00:00:00
Skandinaviska Enskilda Banken (SEB)
2021-02-01
SWE
-10
Sweden
Profile
Project
Company
20210201
Last update: 2021-02-01
Explanation

SEB will not provide financial services to offshore related fossil assets (drilling rigs, seismic equipment and dedicated fossil extraction offshore support vessels) where revenue from these assets represents more than 5% of an owners' revenue.

See: Policy scores Excel sheet

Relevant policies
2021-02-23 00:00:00

Sector Policy on Fossil Fuels

Bank policy
2021-02-23 00:00:00
UniCredit Group
2021-03-24
ITA
-11
Italy
Profile
Project
3.5
Company
20210324
Last update: 2021-03-24
Explanation

UniCredit prohibits financing for ultra-deepwater oil and gas extraction projects, as well as "pipelines and other infrastructure SOLELY related" to ultra-deepwater oil and gas.

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

See: Policy scores Excel sheet

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

Arctic and Non-Conventional Oil & Gas Industry Sector Policy out of date

Bank policy
2019-11-27 00:00:00
private
US Bancorp
2021-03-24
USA
-10
United States
Profile
Project
Company
20210324
Last update: 2021-03-24
Explanation

U.S. Bank does not provide project financing of long-term infrastructure or industrial projects, which would include offshore oil and gas projects. This prohibition does not appear to cover all forms of direct financing for these projects.

See: Policy scores Excel sheet

Relevant policies
2020-02-11 00:00:00

Environmental responsibility policy

Bank policy
2020-02-11 00:00:00
Explanation

This table lists banks that have adopted a full ( ) or partial ( ) exclusion policy for offshore 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.

Dodgy Deals

Jackdaw gas field

United Kingdom
Project
Active
Oil and Gas Extraction

Jackdaw gas field

United Kingdom

Rosebank

United Kingdom
Project
Target
Oil and Gas Extraction

Rosebank

United Kingdom
There are no active project profiles for Banks and offshore oil and gas now.
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Excel sheet with detailed bank policy scores
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BankTrack publication
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