For Immediate Release
Gabby Brown, firstname.lastname@example.org
Multinational Banking Giant Deutsche Bank Will Not Fund Arctic Drilling
New policy also rules out funding for new tar sands projects.
Frankfurt, Germany - Multinational investment bank and financial services company Deutsche Bank released an updated energy policy today that rules out funding for new oil and gas drilling or exploration in the Arctic. The policy also excludes financing for tar sands and some fracking projects.
With this updated policy, Deutsche Bank joins a growing list of more than two dozen banks worldwide that have ruled out support for drilling in the Arctic, including five of the six biggest American banks— Goldman Sachs, Wells Fargo, Chase, Citi, and Morgan Stanley.
SCROLL TO CONTINUE WITH CONTENT
Never Miss a Beat.
Get our best delivered to your inbox.
In response, Sierra Club Senior Campaign Representative Ben Cushing released the following statement:
“As the list of major banks rejecting funding for Arctic drilling continues to grow, it’s clearer by the day that investing in the destruction of the Arctic Refuge would be a mistake. The Trump administration may still think auctioning off the Arctic Refuge is a good idea, but it’s obvious that oil companies would be foolish to take them up on their offer.”
This is the world we live in. This is the world we cover.
Because of people like you, another world is possible. There are many battles to be won, but we will battle them together—all of us. Common Dreams is not your normal news site. We don't survive on clicks. We don't want advertising dollars. We want the world to be a better place. But we can't do it alone. It doesn't work that way. We need you. If you can help today—because every gift of every size matters—please do. Without Your Support We Simply Don't Exist.
Please select a donation method:
The Sierra Club is the oldest and largest grassroots environmental organization in the United States. It was founded on May 28, 1892 in San Francisco, California by the well-known conservationist and preservationist John Muir, who became its first president. The Sierra Club has hundreds of thousands of members in chapters located throughout the US, and is affiliated with Sierra Club Canada.