Multinational Banking Giant Deutsche Bank Will Not Fund Arctic Drilling

New policy also rules out funding for new tar sands projects
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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.” 

 

About the Sierra Club

The Sierra Club is America’s largest and most influential grassroots environmental organization, with more than 3.5 million members and supporters. In addition to protecting every person's right to get outdoors and access the healing power of nature, the Sierra Club works to promote clean energy, safeguard the health of our communities, protect wildlife, and preserve our remaining wild places through grassroots activism, public education, lobbying, and legal action. For more information, visit www.sierraclub.org.