The United States’ Biggest Bank, JPMorgan Chase, Will Not Fund Arctic Refuge Drilling

Polar Bear in the Arctic. Image: oceantoday.noaa.gov

JPMorgan Chase, America’s biggest bank, has committed to not funding drilling in the Arctic National Wildlife Refuge! The bank’s updated energy policy rules out financing for new oil and gas drilling in the Arctic, including the refuge.

“The Trump administration is pulling out all the stops to sell off our homelands for drilling, so big banks have a critical role to play in either supporting the destruction of this sacred place or keeping it protected,” said Bernadette Demientieff, Executive Director of the Gwich’in Steering Committee. “We’re glad to see America’s largest bank recognize that the Arctic Refuge is no place for drilling, and we hope that soon other banks and the oil companies they fund will follow along.”

This is just the latest major institution walking away from the bad business of drilling in the Arctic National Wildlife Refuge. Chase’s announcement follows a similar move by Goldman Sachs in December, as well as more than a dozen global banks. Sadly, other major banks have yet to make a commitment to the Gwich’in and the Arctic Refuge. Let’s get Citi, Bank of America, Wells Fargo and Morgan Stanley to drop Arctic drilling too!

On February 24, 2020, an article in The Hill, by John Bowden and Rachel Frazin said, “This follows the bank’s 2017 commitments to facilitate $200 billion in clean energy financing and source renewable energy for all of its needs by the end of this year.

It also plans to phase out all existing and future loans to companies that get the majority of their revenue from coal mining by 2024”.

Some reviews have commented that this commitment does not restrict oil and gas financing outside the Arctic. The Hill article authors noted that, ”Three of the top ten coal miners in the world, by annual production, could still be financed under this policy”.

When the world’s worst fossil fuel banker will not fund the toxic Arctic Refuge drilling, it certainly puts pressure on other big banks and financial institutions like Wells Fargo, Citi, Morgan Stanley and Bank of America.

Read more and take action to keep the pressure up on other big banks to follow suit. Sign the petition, send a tweet, and refer your friends to get involved at https://thehill.com/jp-morgan-chase-stops-fossil-fuel-loans.