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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.

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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.” 

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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.

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