SUBSCRIBE TO OUR FREE NEWSLETTER
Daily news & progressive opinion—funded by the people, not the corporations—delivered straight to your inbox.
5
#000000
#FFFFFF
To donate by check, phone, or other method, see our More Ways to Give page.
Daily news & progressive opinion—funded by the people, not the corporations—delivered straight to your inbox.
Goldman Sachs said Sunday it would not finance new Arctic oil drilling or exploration or new thermal coal mines and coal-fired power plant projects worldwide. (Photo: ItzaFineDay/flickr/cc)
Goldman Sachs earned cautious praise from environmental advocacy groups Sunday after the bank announced it would not finance new Arctic oil drilling or exploration and ruled out funding new thermal coal mines and coal-fired power plant projects worldwide.
"This new policy from Goldman Sachs raises the bar for other U.S. banks if they want to be taken seriously on climate change," said Jason Opena Disterhoft, climate and energy senior campaigner at Rainforest Action Network (RAN).
\u201cTHIS IS A BIG DEAL: @goldmansachs just published the strongest fossil finance policy by a major U.S. bank. Short version: they're ruling out financing new Arctic oil and coal projects, and committing to exit coal mining. Long version: https://t.co/JUAwnkBGxz #defundclimatechange\u201d— Jason Ope\u00f1a Disterhoft (@Jason Ope\u00f1a Disterhoft) 1576453364
In its new energy policy Goldman said, in part:
We recognize that we have an impact on the environment through our operations, our investments, and the production and services we finance on behalf of our clients. As an institution that brings providers and users of capital together, we believe that capital markets can and should play an important role in addressing environmental challenges including climate change.
The commitment related to Arctic drilling and exploration, Goldman said, "includes but is not limited to the Arctic National Wildlife Refuge." The Trump administration has pushed to open the previously protected area to fossil fuel exploration despite Indigenous opposition and threat of adverse ecological impacts.
"The Trump administration may not care about ignoring the will of the American people or trampling Indigenous rights, but a growing number of major financial institutions are making it clear that they do," said Sierra Club campaign representative Ben Cushing. "Goldman Sachs is right to recognize that destroying the Arctic Refuge would be bad business."
Sierra Club, in its press statement, said that Goldman is the first major U.S. bank to make the commitments not to fund new coal projects or Arctic oil drilling. Still, the bank--which ranked this year among the "top dirty dozen" banks in terms of fossil fuel financing--must go further in terms of climate commitments, added Sierra Club, saying that Goldman Sachs did not rule out funding new fracking and tar sands projects.
\u201cSo this doesn\u2019t make @goldmansachs a global leader on fossil finance. And this is far from what the science demands, which is to (1) end support for expansion of all fossil fuels and (2) commitment to phaseout on a timeline at least as ambitious as the IPCC P1 1.5\u00b0C pathway.\u201d— Jason Ope\u00f1a Disterhoft (@Jason Ope\u00f1a Disterhoft) 1576453364
According to 350.org founder Bill McKibben, Goldman's new commitment "leaves a lot to do, but it's a big start--such thanks to all who have fought to make it happen!"
Among the grassroots activists engaged in that is the Gwich'in Steering Committee, who see the threat of their sacred land in the Arctic being pillaged by the Trump administration's possible fossil fuel plunder.
\u201cIn response to my question today, $GS CEO David Solomon indicated it would be unlikely the bank would finance Arctic Refuge drilling. If that's the case, @GoldmanSachs should make that clear and say so in their environmental policy. @SierraClub will be watching. #ProtectTheArctic\u201d— Ben Cushing (@Ben Cushing) 1556815468
Sierra Club and RAN say it's now up to other financial institutions to make similar moves--and for Goldman to be even bolder in its climate commitments.
"Goldman Sachs's updated policy shows that U.S. banks can draw red lines on oil and gas, and now other major U.S. banks, especially JPMorgan Chase--the world's worst banker of fossil fuels by a wide margin--must improve on what Goldman has done," said Opena Disterhoft. "The writing was already on the wall for coal financing," he added. "Goldman Sachs's new policy puts that writing in flashing neon."
"The smart money on Wall Street is drawing red lines on oil and gas, and exiting coal. The big money has to respond, or it will be left holding the bag," Opena Disterhoft said. "Over to you, Jamie Dimon and JPMorgan Chase."
Donald Trump’s attacks on democracy, justice, and a free press are escalating — putting everything we stand for at risk. We believe a better world is possible, but we can’t get there without your support. Common Dreams stands apart. We answer only to you — our readers, activists, and changemakers — not to billionaires or corporations. Our independence allows us to cover the vital stories that others won’t, spotlighting movements for peace, equality, and human rights. Right now, our work faces unprecedented challenges. Misinformation is spreading, journalists are under attack, and financial pressures are mounting. As a reader-supported, nonprofit newsroom, your support is crucial to keep this journalism alive. Whatever you can give — $10, $25, or $100 — helps us stay strong and responsive when the world needs us most. Together, we’ll continue to build the independent, courageous journalism our movement relies on. Thank you for being part of this community. |
Goldman Sachs earned cautious praise from environmental advocacy groups Sunday after the bank announced it would not finance new Arctic oil drilling or exploration and ruled out funding new thermal coal mines and coal-fired power plant projects worldwide.
"This new policy from Goldman Sachs raises the bar for other U.S. banks if they want to be taken seriously on climate change," said Jason Opena Disterhoft, climate and energy senior campaigner at Rainforest Action Network (RAN).
\u201cTHIS IS A BIG DEAL: @goldmansachs just published the strongest fossil finance policy by a major U.S. bank. Short version: they're ruling out financing new Arctic oil and coal projects, and committing to exit coal mining. Long version: https://t.co/JUAwnkBGxz #defundclimatechange\u201d— Jason Ope\u00f1a Disterhoft (@Jason Ope\u00f1a Disterhoft) 1576453364
In its new energy policy Goldman said, in part:
We recognize that we have an impact on the environment through our operations, our investments, and the production and services we finance on behalf of our clients. As an institution that brings providers and users of capital together, we believe that capital markets can and should play an important role in addressing environmental challenges including climate change.
The commitment related to Arctic drilling and exploration, Goldman said, "includes but is not limited to the Arctic National Wildlife Refuge." The Trump administration has pushed to open the previously protected area to fossil fuel exploration despite Indigenous opposition and threat of adverse ecological impacts.
"The Trump administration may not care about ignoring the will of the American people or trampling Indigenous rights, but a growing number of major financial institutions are making it clear that they do," said Sierra Club campaign representative Ben Cushing. "Goldman Sachs is right to recognize that destroying the Arctic Refuge would be bad business."
Sierra Club, in its press statement, said that Goldman is the first major U.S. bank to make the commitments not to fund new coal projects or Arctic oil drilling. Still, the bank--which ranked this year among the "top dirty dozen" banks in terms of fossil fuel financing--must go further in terms of climate commitments, added Sierra Club, saying that Goldman Sachs did not rule out funding new fracking and tar sands projects.
\u201cSo this doesn\u2019t make @goldmansachs a global leader on fossil finance. And this is far from what the science demands, which is to (1) end support for expansion of all fossil fuels and (2) commitment to phaseout on a timeline at least as ambitious as the IPCC P1 1.5\u00b0C pathway.\u201d— Jason Ope\u00f1a Disterhoft (@Jason Ope\u00f1a Disterhoft) 1576453364
According to 350.org founder Bill McKibben, Goldman's new commitment "leaves a lot to do, but it's a big start--such thanks to all who have fought to make it happen!"
Among the grassroots activists engaged in that is the Gwich'in Steering Committee, who see the threat of their sacred land in the Arctic being pillaged by the Trump administration's possible fossil fuel plunder.
\u201cIn response to my question today, $GS CEO David Solomon indicated it would be unlikely the bank would finance Arctic Refuge drilling. If that's the case, @GoldmanSachs should make that clear and say so in their environmental policy. @SierraClub will be watching. #ProtectTheArctic\u201d— Ben Cushing (@Ben Cushing) 1556815468
Sierra Club and RAN say it's now up to other financial institutions to make similar moves--and for Goldman to be even bolder in its climate commitments.
"Goldman Sachs's updated policy shows that U.S. banks can draw red lines on oil and gas, and now other major U.S. banks, especially JPMorgan Chase--the world's worst banker of fossil fuels by a wide margin--must improve on what Goldman has done," said Opena Disterhoft. "The writing was already on the wall for coal financing," he added. "Goldman Sachs's new policy puts that writing in flashing neon."
"The smart money on Wall Street is drawing red lines on oil and gas, and exiting coal. The big money has to respond, or it will be left holding the bag," Opena Disterhoft said. "Over to you, Jamie Dimon and JPMorgan Chase."
Goldman Sachs earned cautious praise from environmental advocacy groups Sunday after the bank announced it would not finance new Arctic oil drilling or exploration and ruled out funding new thermal coal mines and coal-fired power plant projects worldwide.
"This new policy from Goldman Sachs raises the bar for other U.S. banks if they want to be taken seriously on climate change," said Jason Opena Disterhoft, climate and energy senior campaigner at Rainforest Action Network (RAN).
\u201cTHIS IS A BIG DEAL: @goldmansachs just published the strongest fossil finance policy by a major U.S. bank. Short version: they're ruling out financing new Arctic oil and coal projects, and committing to exit coal mining. Long version: https://t.co/JUAwnkBGxz #defundclimatechange\u201d— Jason Ope\u00f1a Disterhoft (@Jason Ope\u00f1a Disterhoft) 1576453364
In its new energy policy Goldman said, in part:
We recognize that we have an impact on the environment through our operations, our investments, and the production and services we finance on behalf of our clients. As an institution that brings providers and users of capital together, we believe that capital markets can and should play an important role in addressing environmental challenges including climate change.
The commitment related to Arctic drilling and exploration, Goldman said, "includes but is not limited to the Arctic National Wildlife Refuge." The Trump administration has pushed to open the previously protected area to fossil fuel exploration despite Indigenous opposition and threat of adverse ecological impacts.
"The Trump administration may not care about ignoring the will of the American people or trampling Indigenous rights, but a growing number of major financial institutions are making it clear that they do," said Sierra Club campaign representative Ben Cushing. "Goldman Sachs is right to recognize that destroying the Arctic Refuge would be bad business."
Sierra Club, in its press statement, said that Goldman is the first major U.S. bank to make the commitments not to fund new coal projects or Arctic oil drilling. Still, the bank--which ranked this year among the "top dirty dozen" banks in terms of fossil fuel financing--must go further in terms of climate commitments, added Sierra Club, saying that Goldman Sachs did not rule out funding new fracking and tar sands projects.
\u201cSo this doesn\u2019t make @goldmansachs a global leader on fossil finance. And this is far from what the science demands, which is to (1) end support for expansion of all fossil fuels and (2) commitment to phaseout on a timeline at least as ambitious as the IPCC P1 1.5\u00b0C pathway.\u201d— Jason Ope\u00f1a Disterhoft (@Jason Ope\u00f1a Disterhoft) 1576453364
According to 350.org founder Bill McKibben, Goldman's new commitment "leaves a lot to do, but it's a big start--such thanks to all who have fought to make it happen!"
Among the grassroots activists engaged in that is the Gwich'in Steering Committee, who see the threat of their sacred land in the Arctic being pillaged by the Trump administration's possible fossil fuel plunder.
\u201cIn response to my question today, $GS CEO David Solomon indicated it would be unlikely the bank would finance Arctic Refuge drilling. If that's the case, @GoldmanSachs should make that clear and say so in their environmental policy. @SierraClub will be watching. #ProtectTheArctic\u201d— Ben Cushing (@Ben Cushing) 1556815468
Sierra Club and RAN say it's now up to other financial institutions to make similar moves--and for Goldman to be even bolder in its climate commitments.
"Goldman Sachs's updated policy shows that U.S. banks can draw red lines on oil and gas, and now other major U.S. banks, especially JPMorgan Chase--the world's worst banker of fossil fuels by a wide margin--must improve on what Goldman has done," said Opena Disterhoft. "The writing was already on the wall for coal financing," he added. "Goldman Sachs's new policy puts that writing in flashing neon."
"The smart money on Wall Street is drawing red lines on oil and gas, and exiting coal. The big money has to respond, or it will be left holding the bag," Opena Disterhoft said. "Over to you, Jamie Dimon and JPMorgan Chase."