Consensus Builds Among International Financial Institutions: Arctic Refuge Drilling is a Bad Bet

National Australia Bank will not finance drilling in the Arctic National Wildlife Refuge

In its newly released 2018 Sustainability Report, National Australia Bank has ruled out financing for drilling in the Arctic Refuge.

“As an outcome of the oil and gas sector review we will not finance oil/tar sands extraction projects, and oil and gas projects within or impacting the Arctic National Wildlife Refuge area and any similar Antarctic Refuge,” says the report.

The updated policy comes as a growing number of major financial institutions are rejecting Arctic drilling. Just last week, multinational investment bank Barclays announced a new energy policy that significantly restricts the bank’s financing for the exploration or extraction of oil and gas in the Arctic. Some of the world’s largest banks have made similar commitments, including HSBC, BNP Paribas, Royal Bank of Scotland, Societe Generale, and others.

In response, Lena Moffitt, Senior Director of the Sierra Club’s Our Wild America Campaign, released the following statement:

“Regardless of the Trump administration’s attempts to open up the Arctic Refuge for drilling, financial institutions are recognizing that supporting these destructive activities would be a bad investment. It’s clear that any oil company seeking to destroy this special place will not only face overwhelming opposition from the American people, but also from the financial sector.”


About the Sierra Club

The Sierra Club is America’s largest and most influential grassroots environmental organization, with more than 3 million members and supporters. In addition to helping people from all backgrounds explore nature and our outdoor heritage, 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