Bank of America Faces Shareholder Pressure Over Arctic Drilling

Bank of America is the only major US bank that has not ruled out financing for new Arctic drilling

A new shareholder resolution filed by Trillium Asset Management raises concerns about Bank of America’s refusal to rule out financing for new drilling in the Arctic, including the Arctic National Wildlife Refuge. 

Arctic drilling is opposed by the vast majority of the American people because it would destroy this pristine ecosystem, trample Indigenous rights, and contribute to the climate crisis. Bank of America as the only major US bank not to rule out financing for the destruction of the Arctic Refuge. The other five -- Goldman Sachs, JPMorgan Chase, Wells Fargo, and Citigroup -- have all updated their policies this year, joining more than two dozen international banks

The resolution filed by investors today asks Bank of America to explain itself and how it will attempt to deal with the reputational risk associated with this destructive and unpopular investment. 

In response, Sierra Club Senior Campaign Representative Ben Cushing released the following statement: 

“The overwhelming majority of Americans oppose drilling in the Arctic Refuge because it would trample the rights of the Gwich’in Nation and exacerbate climate change. By failing to rule out financing for Arctic drilling, Bank of America is falling behind its peers and opening itself up to a massive public backlash. Now the bank will have to answer to its shareholders as to how it could possibly see such a risky and unpopular project as a sound investment.”


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