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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.
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."
The Sierra Club is the most enduring and influential grassroots environmental organization in the United States. We amplify the power of our 3.8 million members and supporters to defend everyone's right to a healthy world.
(415) 977-5500LATEST NEWS
GOP Governor Landry Blasted for Throwing Out 45,000 Votes in Louisiana With a 'Smirk and a Chuckle’
"It’s not a big deal," Landry said after casually announcing that legally cast ballots were "discarded" after he suspended elections.
May 12, 2026
Louisiana's Republican Gov. Jeff Landry is facing criticism over his blasé admission that tens of thousands of Louisianans would have their legally cast ballots thrown out after he suspended the state's primary elections.
Landry signed an executive order suspending the state's May 16 and June 27 primaries immediately after the US Supreme Court’s landmark decision in late April, which held that the state’s maps guaranteeing districts representing the state's Black residents constituted “an unconstitutional racial gerrymander."
The ruling in Louisiana v. Callais effectively destroyed Section 2 of the 1965 Civil Rights Act and set the stage for the GOP to draw new districts that could totally wipe out the electoral power of Louisiana's Black population, which makes up about one-third of the state, and do the same across the country.
Declaring a "state of emergency," the governor announced that elections were suspended just as early voting was set to begin, leading many to conclude that the right-wing high court's ruling was timed to allow Republicans to maximize their power as they enter this year's midterms.
In an interview with "60 Minutes" on Sunday night, Landry was asked by anchor Cecilia Vega about the unprecedented decision to suspend the election and what would happen to the roughly 45,000 mail ballots cast before the order went into effect.
Landry contended that he had no choice but to suspend the elections because "we don't have a map that our voters can vote on" as a result of the court's ruling.
Vega noted that during times of much greater strife, including "during the Civil War, during two world wars, elections still went on."
"We'll have an election, and we're actually going to have an election on Election Day," Landry responded, in an apparent shot at those who cast their votes early.
"But voting was already happening," Vega said. "More than 45,000 ballots have been returned. What happens to those?"
Landry said, "Those ballots are discarded, and those voters will vote again in November." (Notably, Landry's order does not delay primary elections until November, but until July 15 or whenever the legislature enacts new maps.)
Vega responded with incredulity at the governor's casual acknowledgment that the state would simply throw out tens of thousands of legally cast votes.
“You say that like it’s not a big deal,” she said.
“Well, it’s not a big deal,” Landry responded. “It’s not my fault. If anyone has a grievance, take it to the United States Supreme Court.”
The voting rights-focused news outlet Democracy Docket responded to Landry on social media: "It is a big deal to the 45,000 voters whose ballots you trashed. It’s also your fault."
They echoed the words of Rep. Cleo Fields (D-La.), whose majority Black 6th congressional district in Baton Rouge is expected to be chopped up by the GOP, and who has joined a lawsuit with other candidates hoping to stop Landry's suspension of elections.
“The Supreme Court ruled that the map that you created, that this legislature created, and this governor signed, was illegal,” Fields said to Landry on Monday. "The Supreme Court did not say, ‘Throw away those ballots.’"
The decision to suspend Louisiana’s primary comes amid a multi-pronged assault on voting rights coming from the administration of President Donald Trump, who has himself repeatedly floated the idea of canceling elections and praised Landry for “moving so quickly” to block his constituents from voting.
But many were particularly shocked at Landry's apparent ho-hum attitude toward mass disenfranchisement.
Civil rights attorney and public defender Scott Hechinger marveled at the “governor of Louisiana throwing out 45,000 votes with a smug smirk and a chuckle.”
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'Costs Are Out of Control': Trump's Iran War Pushes US Inflation to Highest Level in Three Years
"Trump is more focused on finishing his billion-dollar ballroom than lowering prices for American families," said one critic.
May 12, 2026
Federal data released Tuesday showed US inflation rising to the highest level it's been since May 2023, as President Donald Trump's Iran War has led to increases in the costs of both energy and food.
The latest Consumer Price Index (CPI) released by the US Bureau of Labor Statistics finds that prices in April posted a year-over-year increase of 3.8%, above economists' expectations of a 3.7% increase, driven by energy prices that surged nearly 18% from April 2025.
The price of groceries also notched significant increases during the month, the report notes.
"Five of the six major grocery store food group indexes increased in April," says the report. "The index for meats, poultry, fish, and eggs increased 1.3% over the month as the index for beef rose 2.7%. The fruits and vegetables index increased 1.8% in April and the nonalcoholic beverages index rose 1.1%. The index for dairy and related products increased 0.8% over the month and the index for cereals and bakery products rose 0.1% in April."
Economists said the new CPI report showed significant trouble ahead for American consumers, who last month registered record-low sentiment in the University of Michigan’s Surveys of Consumers, driven in large part by anxiety over price increases caused by the Iran war.
Joseph Brusuelas, chief economist at RSM, told The Wall Street Journal that "the American economy has entered a new chapter where inflation appears to have stepped up," and predicted that "median American families are going to find it very challenging to adjust going into the second half of the year."
Heather Long, chief economist at Navy Federal Credit Union, observed that the cost of living in April rose above average monthly wage gains, meaning US consumers are no longer just treading water but falling behind.
"Inflation is now eating up all wage gains for the first time in about three years," she wrote. "This is painful for Americans and a true financial squeeze."
University of Michigan economist Justin Wolfers highlighted just how much the latest CPI report exposes the false promises President Donald Trump made during the 2024 presidential campaign.
"Trump campaigned on bringing down the cost of living 'starting on day one,'" he wrote, "and then: started a trade war; deported much of the farm workforce, bombed Iran, allowed healthcare subsidies to expire, cut food assistance, ran an interest-rate boosting deficit, and attacked Fed independence."
Rep. Brendan Boyle (D-Pa.) similarly ripped Trump's economic mismanagement in the wake of the CPI report.
"From his tariff taxes to his disastrous war in Iran, President Trump is making life even harder for American families," said Boyle. "Today’s inflation data confirms what everyone can see: costs are out of control, and President Trump is responsible."
The latest CPI data comes as a poll from CNN released Tuesday shows a record-high 70% of Americans disapprove of Trump's handling of the economy, with 75% of US voters saying the president's unprovoked war of choice with Iran has had a negative effect on their financial situations.
Trump's approval on the economy was a strength throughout his first term, even as polls showed him to be otherwise unpopular. As noted by CNN senior political reporter Aaron Blake, Trump's disapproval on the economy "never even reached 50% in his first term," but has now been at over 60% for the last year.
Alex Jacquez, chief of policy and advocacy at Groundwork Collaborative, said in a statement that "Trump chose to reignite inflation with his illegal and reckless war in Iran, and more than two months in, there’s no offramp in sight."
"Every day the war continues, prices climb higher and will stay there for months after it ends," said Jacquez. "As Americans continue to rank cost of living and inflation as their most important issues, Trump is more focused on finishing his billion-dollar ballroom than lowering prices for American families.”
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'War Crimes of Wanton Destruction': Amnesty Condemns Israeli Attacks on Gaza High-Rise Buildings
"Israeli officials who ordered unlawful destruction, collective punishment, or acts of genocide must be held accountable."
May 12, 2026
Amnesty International released a report Tuesday detailing the Israeli military's leveling of more than a dozen high-rise residential and commercial buildings in the Gaza Strip late last year, attacks that the leading human rights organization said must be investigated as "war crimes of wanton destruction and collective punishment."
The new report cites "celebratory and gleeful" comments from Israeli Defense Minister Israel Katz as evidence that there was no plausible military objective for Israel's destruction of at least 13 multistory residential and commercial buildings in Gaza City between September and October 2025. In one mid-September social media post, Katz boasted that Israeli bombs sent one Gaza university "soaring to the heavens."
Amnesty, which has called Israel's assault on Gaza a genocide, notes that the Fourth Geneva Convention bars occupying powers from engaging in collective punishment and property destruction "except where such destruction is rendered absolutely necessary by military operations."
“In the month preceding the so-called ceasefire in October 2025, Israel expanded and escalated its relentless assault on Gaza City, causing one of the worst waves of mass displacement during the genocide," said Erika Guevara Rosas, Amnesty's senior director for research, advocacy, policy, and campaigns. "A key pattern of this assault was the deliberate destruction, through aerial bombardment, of multi-story civilian buildings, leveling the homes of thousands of civilians, and destroying makeshift camps in their vicinity."
"All the available evidence indicates that Israel’s destruction of these 13 high-rise buildings was not ‘rendered absolutely necessary by military operations’ and as such must be investigated as war crimes," she added.
""Our children are sick from the rain and cold. It is especially difficult to raise a baby in such disastrous conditions. We lack everything."
Amnesty said that satellite imagery, interviews with residents displaced by Israel's large-scale destruction of Gaza buildings, and verified video footage revealed "a chilling pattern of deliberate destruction of the civilian structures by Israeli forces without requisite military necessity." A 32-year-old IT engineer told the group that his family, including three children, is now living in a tent in southern Gaza after Israel bombed the 10-story Al-Najm building in Gaza City.
"Our children are sick from the rain and cold," the man said. "It is especially difficult to raise a baby in such disastrous conditions. We lack everything. My other children, a six-year-old girl and a seven-year-old boy, are traumatized; we had to run away from home and they saw it bombed into rubble in front of their eyes. They don’t understand and I can’t explain it to them."
The United Nations has estimated that Israeli attacks have damaged or destroyed more than 80% of structures in the Gaza Strip since October 2023, when Israel's assault began in response to a deadly Hamas-led attack.
“The widespread destruction of life-sustaining infrastructure, including homes, either through bombardment or demolitions with explosives, combined with Israel’s ongoing restrictions on the entry of shelter material into Gaza and the prohibition on the return to the areas east of the yellow line, have inflicted catastrophic suffering on Gaza’s population," said Guevara Rosas. "Israel must allow immediate, unfettered access to indispensable aid and goods, including shelter material."
"Israeli officials who ordered unlawful destruction, collective punishment, or acts of genocide must be held accountable," she added.
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