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Tom Kirkman

Goldman Sachs Is The First Major U.S. Bank To Reject Financing Arctic Oil Drilling

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Note: I am not a fan of either Goldman Sachs or Huffington Post.

That said, will have to wait and see if this newfound "woke" strategy by Goldman Sachs backfires on them.

Goldman Sachs Is The First Major U.S. Bank To Reject Financing Arctic Oil Drilling

Goldman Sachs has announced it will no longer be financing new oil drilling or exploration for oil in the Arctic. It has also pledged to stop investing in thermal coal mines or coal-fired projects anywhere in the world. 

The statement was made as part of a new environmental policy published on Sunday, which also pledged $750 billion toward “sustainable development in climate transition and inclusive growth finance” over the next 10 years. 

Goldman Sachs is not the only bank to rule out Arctic drilling, the Royal Bank of Scotland and Barclays, for example, have also adopted similar policies this year. But it is the first big U.S. bank to make the pledge.

As the COP25 climate talks in Madrid drew to a close with a whimper on Sunday, dashing hopes of concrete actions with watered-down language on previous climate agreements, Goldman Sachs’ news is being seized on by some environmentalists as a sign of hope.

“Goldman Sachs becomes first big American bank to rule out financing Arctic drilling, and also coal. That leaves a lot to do, but it’s a big start,” tweeted Bill McKibben, founder of the environmental group  ...




Meantime ...


Get Woke, Go Broke – The Master List


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