Money

Banks Promised to Cut Funding for Arctic Oil Drilling. Money Flowed Anyway.

Some of the world’s largest banks, including Goldman Sachs Group Inc., HSBC Holdings PLC and BNP Paribas SA, pledged in recent years to stop direct financing of Arctic oil exploration. The idea was to choke off money for fossil-fuel extraction in a pristine natural environment.

A battle has broken out among investors, environmentalists and banks over those pledges. Some investors and environmentalists say they contain loopholes, and money has continued to flow from big banks to companies active in areas of Norway, Russia, Canada and Alaska rich in oil and gas. Under pressure, two of the banks, BNP and HSBC, say they are reviewing their pledges to make them stronger.

Banks Promised to Cut Funding for Arctic Oil Drilling. Money Flowed Anyway. Source link Banks Promised to Cut Funding for Arctic Oil Drilling. Money Flowed Anyway.

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