Goldman Sachs won’t fund Arctic drilling and Canadian banks could be next | CBC News
Goldman Sachs’s decision not to fund drilling in the refuge follows other international banks, including Barclays and the Royal Bank of Scotland, which have said they won’t fund exploration projects in the region.
In explaining its decision, Goldman Sachs acknowledged Indigenous people have used the land for centuries — but the decisions may also be financially motivated.
“Oil development in the Arctic Circle is prone to harsh operating conditions, sea ice, permafrost coverage, and potential impacts to critical natural habitats for endangered species,” the firm notes in its framework.