7. AFFORDABLE AND CLEAN ENERGY

Citigroup joins banking peers in backing away from Arctic oil investment in Alaska – Anchorage Daily News

Impact team
Edited by Impact team

Citigroup joins banking peers in backing away from Arctic oil investment in Alaska  Anchorage Daily News

Citigroup Inc. is the latest major bank to say it will not invest in oil and gas projects in the Arctic, where the heart of Alaska’s oil industry operates.

“Citi has not previously provided and will not provide project-related financing for oil and gas exploration and production in the Arctic Circle,” the bank said in its environmental and social policy framework for 2020.

Some oil industry insiders in Alaska have expressed concern that reduced financial support for Arctic drilling could threaten future projects, particularly for small oil companies with limited assets and options for generating cash.

[Because of a high volume of comments requiring moderation, we are temporarily disabling comments on many of our articles so editors can focus on the coronavirus crisis and other coverage. We invite you to write a letter to the editor or reach out directly if you’d like to communicate with us about a particular article. Thanks.]

Source: adn.com

Leave a Comment