Quantcast
Environmental News for a Healthier Planet and Life

Deutsche Bank Ditches Arctic Drilling After Pressure From Activists

Business
Deutsche Bank Ditches Arctic Drilling After Pressure From Activists
Demonstrators block the entrance to a Deutsche Bank branch in Baden-Wuerttemberg, Stuttgart on Sept. 20, 2019. Sebastian Gollnow / picture alliance via Getty Images

By Krissy Waite

Climate activists are celebrating Deutsche Bank's new energy policy banning financial support of drilling in the Arctic, a move which comes after years of pressure from advocacy groups.


The bank, a multinational investment company headquartered in Germany, announced Monday that it will no longer offer financial services to new projects that involve drilling for oil or gas in the Arctic. The policy also states it will not fund any tar sand projects or fracking in areas that have low water supply.

Concerns over the Arctic have risen in recent weeks as the region has been battling a prolonged heatwave and wildfires, which have been caused by human-driven climate change.

Last week, the World Meteorological Organization announced that Siberia's average temperature in June was 10°C above normal. The Arctic is warming over two times faster than the rest of the world.

Ben Cushing, Sierra Club senior campaign representative, said in a statement that it is becoming clear to banks that divesting from Arctic drilling is important. He pointed to the Arctic National Wildlife Refuge, which spans over 19 million acres of Alaskan land.

"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," Cushing said. "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."

In 2017, Congress passed a provision allowing refuge lands to be leased to oil companies. Drilling is incredibly harmful to the people and wildlife that live in the refuge because it because it divides natural habitats and interrupts migration patterns. Polar bears, caribou, and the 270 other species of wildlife — and the Gwich'in people who rely on certain animals for sustenance — would suffer.

Deutsche stated it will not be terminating any current financial backing of Arctic drilling projects, but that it will be evaluating all ongoing oil and gas business ventures by the end of 2020 and end any business in coal mining by or before 2025.

Urgewald, a Germany-based environment and human rights NGO that focuses on divesting from destructive projects, tweeted in response to the news that while Deutsche Bank's policy is needed, it's too little and too late.

Bill McKibben, co-founder of 350.org, celebrated the news by congratulating Indigenous groups on their organizing.

Tara Houska, founder of Giniw Collective and co-founder of Not Your Mascots, welcomed the bank's decision and called for others to follow suit. "If DeutschBank can stop, any of the banks can," she said. "Who's next?"

Deutsche Bank joins Goldman Sachs, Wells Fargo, Citi, JPMorgan Chase and Morgan Stanley — five of the biggest American banks — in banning Arctic drilling from its company. Bank of America is currently the last of the largest banks in the U.S. to issue an anti-Arctic drilling policy or statement. Globally, about two dozen banks have adopted these policies.

Reposted with permission from Common Dreams.

A replica of a titanosaur. AIZAR RALDES / AFP via Getty Images

New fossils uncovered in Argentina may belong to one of the largest animals to have walked on Earth.

Read More Show Less

EcoWatch Daily Newsletter

Trump's Affordable Clean Energy rule eliminated a provision mandating that utilities move away from coal. VisionsofAmerica /Joe Sohm / Getty Images

A federal court on Tuesday struck down the Trump administration's rollback of the Obama-era Clean Power Plan regulating greenhouse gas emissions from power plants.

Read More Show Less

Trending

A wild mink in Utah was the first wild animal in the U.S. found with COVID-19. Peter Trimming via Wikipedia, CC BY-SA

By Jonathan Runstadler and Kaitlin Sawatzki

Over the course of the COVID-19 pandemic, researchers have found coronavirus infections in pet cats and dogs and in multiple zoo animals, including big cats and gorillas. These infections have even happened when staff were using personal protective equipment.

Read More Show Less
A mass methane release could begin an irreversible path to full land-ice melt. NurPhoto / Contributor / Getty Images

By Peter Giger

The speed and scale of the response to COVID-19 by governments, businesses and individuals seems to provide hope that we can react to the climate change crisis in a similarly decisive manner - but history tells us that humans do not react to slow-moving and distant threats.

Read More Show Less
Doug Emhoff, U.S. Vice President-elect Kamala Harris, Jill Biden and President-elect Joe Biden wave as they arrive on the East Front of the U.S. Capitol for the inauguration on Jan. 20, 2021 in Washington, DC. Joe Raedle / Getty Images

By John R. Platt

The period of the 45th presidency will go down as dark days for the United States — not just for the violent insurgency and impeachment that capped off Donald Trump's four years in office, but for every regressive action that came before.

Read More Show Less