Citigroup says it will not invest in Arctic oil production and exploration – KTUU.com

Citigroup says it will not invest in Arctic oil production and exploration  KTUU.com

ANCHORAGE (KTUU) – Citigroup Inc. says it “will not provide project-related financial services” for oil and gas exploration, development, and production in the Arctic Circle.

In its April 2020 environmental and social policy framework, Citigroup Inc. also outlined it will not provide financial services for new thermal coal mines or significant expansion of existing mines, new coal-fired power plants or expansion of existing plants, or projects that negatively impact the value of UNESCO World Heritage Sites.

The investment banking company joins Wells Fargo, Goldman Sachs, and JPMorgan Chase who have all recently pulled investments in Arctic oil projects.

In the Oil and Gas section of the report, Citigroup Inc. points out “Citi has not previously provided and will not provide project-related financing for oil and gas exploration and production in the Arctic Circle.”

The announcement from Citigroup Inc. comes at a time when the oil market has seen prices trend upward and downward.

A barrel of U.S. oil to be delivered in June rose $2.86, or 24.7%, to $14.43. It was nearly $30 at the start of last week and $60 at the beginning of the year.

Wednesday morning, stocks around the world are clawing higher, and the S&P 500 climbed toward its first gain of what’s been a dismal week.

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Source: ktuu.com

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