Claire Hamlett, Climate Campaigner, BankTrack
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This page details policy measures announced by commercial banks to exclude or restrict general corporate finance (lending or underwriting) for companies involved in Arctic oil and gas extraction.
Bank policies restricting direct finance for Arctic oil and gas extraction projects (e.g. through project finance) are listed on this page.
Only three banks have so far adopted policies excluding some financing for companies behind Arctic projects. BNP Paribas and Lloyds' policies covers both oil and gas companies working in the offshore Arctic region, while Societe Generale's policy only covers oil companies working in the offshore Arctic region.
BNP Paribas will not provide financial products or services to a company* that falls under one of the following activities:
*Companies involved in unconventional oil and gas: companies that own or operate unconventional oil and gas exploration and production assets, pipelines transporting unconventional oil or gas.
**Unconventional oil and gas resources cover shale oil or gas, oil sands as well as oil and gas resources located in the Arctic region.
|Societe Generale refrains from providing banking and financial services to companies which primarily derive their revenues from the exploration or production of Arctic oil, or have a majority share of their reserves in the Arctic region. Policy||12/08/17|
|ING will exclude companies or organisations where the majority of activities relate to activities that ING excludes. (Excluded activities include Arctic offshore oil exploration.) Policy||12/12/17|
|Lloyds Banking Group will not support reserve Based Lending or Borrowing Base Financing for Oil & Gas companies with oil or gas exploration or production operations in Arctic offshore region and Antarctic territories (where such lending / financing attributes value to an Arctic1 or Antarctic2 asset as security or for repayment of the financing). Policy||01/19|