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Democratic senators ask banks to prohibit funding Arctic drilling | TheHill – The Hill

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Democratic senators ask banks to prohibit funding Arctic drilling | TheHill  The Hill

A group of 15 Democratic senators wrote to 11 major banks last week asking them to ban funding oil and gas drilling or exploration in the Arctic National Wildlife Refuge. 

“The scale of your banks’ assets individually, let alone together, give you the ability to drive change in protecting the Arctic National Wildlife Refuge and in shifting towards a U.S. financial sector that effectively analyzes and plans for climate risks,” the senators wrote.

“We respectfully urge you to reassess your current environmental and climate policies and update them to include a prohibition on funding for oil and gas drilling or exploration in the Arctic National Wildlife Refuge,” they continued.

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Their letter follows a December announcement by Goldman Sachs that it would prohibit financing for new drilling or exploration in the Arctic, including in the refuge. 

“As one of the largest banks operating in the United States, we write to ask that you join your peers in the U.S. and abroad and commit to stop financing of oil and gas drilling and exploration in the Arctic National Wildlife Refuge,” the letter stated.

“Protection of the Arctic National Wildlife Refuge is not only intrinsically important, it is also critical in the broader context of wilderness protection, Indigenous rights, working to combat climate change, and preparing the U.S. economy to weather the growing impacts of the climate crisis,” it added.

Their letters were addressed to executives at JPMorgan Chase & Co.Bank of America Corp.Citigroup Inc.Wells Fargo & Co.Morgan StanleyU.S. BancorpPNC Financial Services Group Inc.TD BankCapital One Financial Corp.Citizens Financial Group Inc., and HSBC North America Holdings Inc.

A Wells Fargo spokesperson told The Hill that the company does not directly finance oil and gas projects in the Arctic region, but may extend credit to companies operating there.

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The letters were signed by Sens. Martin HeinrichMartin Trevor HeinrichBottom line GOP sounds alarm bell over coronavirus-fueled debt Free-flowing rivers help ecosystems, wildlife, people and the economy MORE (D-N.M.), Brian SchatzBrian Emanuel SchatzCoronavirus drives record number of complaints to consumer bureau More than 70 lawmakers join suit challenging Trump power plant rollbacks Trump says he will sign executive order temporarily suspending immigration into US MORE (D-Hawaii), Jeff MerkleyJeffrey (Jeff) Alan MerkleyOvernight Energy: 600K clean energy jobs lost during pandemic, report finds | Democrats target diseases spread by wildlife | Energy Dept. to buy 1M barrels of oil Trump administration to buy 1 million barrels of oil for national stockpile Hillicon Valley: Uber to lay off thousands of employees | Facebook content moderation board announces members | Lawmakers introduce bill to cut down online child exploitation MORE (D-Ore.), Cory BookerCory Anthony BookerMore than 80 lawmakers call for federal probe into Ahmaud Arbery shooting Kamala Harris leads the list of Biden running mates Democrats ask for investigation of DOJ decision to drop Flynn case MORE (D-N.J.), Mazie HironoMazie Keiko HironoHillicon Valley: Experts raise security concerns about online voting | Musk finds supporter in Trump | Officials warn that Chinese hackers targeting COVID-19 research groups Democrats introduce legislation to ensure internet access for college students Esper escalates war of words with Warren, Democratic senators MORE (D-Hawaii), Tom UdallThomas (Tom) Stewart UdallOVERNIGHT ENERGY: Interior sued over temporary appointments of top officials | Watchdog to probe why tribal stimulus was steered to corporations | EPA’s independent science board, critics push for stronger lead rule Interior watchdog to probe why tribal stimulus was steered to corporations Democratic senators demand answers on US involvement in foiled Venezuela plot MORE (D-N.M.), Amy KlobucharAmy KlobucharHillicon Valley: Experts raise security concerns about online voting | Musk finds supporter in Trump | Officials warn that Chinese hackers targeting COVID-19 research groups Democrats introduce legislation to ensure internet access for college students Obama criticism gets under GOP’s skin MORE (D-Minn.), Michael BennetMichael Farrand BennetJob losses approach Depression territory as election looms An evidence-based response to rising child poverty — reform and expand the Child Tax Credit Bipartisan group of senators asks Treasury, SBA to loosen coronavirus loan restrictions MORE (D-Colo.), Ed MarkeyEdward (Ed) John MarkeyOvernight Energy: 600K clean energy jobs lost during pandemic, report finds | Democrats target diseases spread by wildlife | Energy Dept. to buy 1M barrels of oil Trump administration to buy 1 million barrels of oil for national stockpile Democratic bill would require cash refunds for all canceled airline tickets during pandemic MORE (D-Mass.), Dianne FeinsteinDianne Emiel FeinsteinSenate Judiciary Committee calls for national safety guidelines amid liability hearing Senators request emergency funding for postal service in next coronavirus bill Tara Reade calls for Biden to drop out of presidential race MORE (D-Calif.), Richard Blumenthal (D-Conn.), Kirsten GillibrandKirsten GillibrandHillicon Valley: Uber to lay off thousands of employees | Facebook content moderation board announces members | Lawmakers introduce bill to cut down online child exploitation Democrats introduce legislation to protect children from online exploitation Bipartisan group of senators asks Treasury, SBA to loosen coronavirus loan restrictions MORE (D-N.Y.), Kamala HarrisKamala Devi HarrisDemocratic bill would require cash refunds for all canceled airline tickets during pandemic Poll: Trump leads Biden by 3 points in Ohio, 6 points in Texas Universal basic income and the end of the republic MORE (D-Calif.), Chris Van HollenChristopher (Chris) Van HollenIt’s time to invest in America’s future Hillicon Valley: Uber to lay off thousands of employees | Facebook content moderation board announces members | Lawmakers introduce bill to cut down online child exploitation Warren, Van Hollen press HHS for details on deploying health corps, reserves amid coronavirus MORE (D-Md.) and Patrick LeahyPatrick Joseph LeahyIn win for privacy hawks, Senate adds more legal protections to FISA bill Lawmakers look for ways to add to annual spending bills Trump looms as wild card in Senate surveillance fight MORE (D-Vt.).

Sen. Bernie SandersBernie SandersOvernight Energy: 600K clean energy jobs lost during pandemic, report finds | Democrats target diseases spread by wildlife | Energy Dept. to buy 1M barrels of oil The Hill’s Campaign Report: Democrat concedes in California House race Trump administration to buy 1 million barrels of oil for national stockpile MORE (I-Vt.), who caucuses with Senate Democrats and is a leading contender for the party’s presidential nomination, also signed the letter.

A provision in a 2017 tax bill opened the Arctic National Wildlife Refuge to drilling following years of debate over the matter.

Updated: Feb. 4, 10:41 a.m.

Source: thehill.com

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