Deutsche Bank Ditches Arctic Drilling After Pressure From Activists
By Krissy Waite
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.
@DeutscheBankAG 's new policies are much-needed movement, but too little and too late. As long as companies like… https://t.co/DcqP5pE8S9— urgewald (@urgewald)1595852876.0
Bill McKibben, co-founder of 350.org, celebrated the news by congratulating Indigenous groups on their organizing.
Add @DeutscheBank to the growing list of banks that won't touch Arctic or tarsands projects. Such great organizing,… https://t.co/EIZt732RpT— Bill McKibben (@Bill McKibben)1595857366.0
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?"
Visited this bank in 2017, it had intense security. Felt the most removed, unconcerned about the human rights of th… https://t.co/wpEy2E7HOy— tara houska ᔖᐳᐌᑴ (@tara houska ᔖᐳᐌᑴ)1595858954.0
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.
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EcoWatch Daily Newsletter
By David Reichmuth
Over the last month, I've seen a number of opinion articles attacking electric vehicles (EVs). Sadly, this comes as no surprise: now that the Biden administration is introducing federal policies to accelerate the roll out of electric vehicles, we were bound to see a reaction from those that oppose reducing climate changing emissions and petroleum use.
The majority of EVs sold in 2020 were models with a starting price (Manufacturers Suggested Retail Price) under $40,000 and only a fifth of models had a starting price over $60,000.
On Friday, China set out an economic blueprint for the next five years, which was expected to substantiate the goal set out last fall by President Xi Jinping for the country to reach net-zero emissions before 2060 and hit peak emissions by 2030.
The Great Trail in Canada is recognized as the world's longest recreational trail for hiking, biking, and cross-country skiing. Created by the Trans Canada Trail (TCT) and various partners, The Great Trail consists of a series of smaller, interconnected routes that stretch from St. John's to Vancouver and even into the Yukon and Northwest Territories. It took nearly 25 years to connect the 27,000 kilometers of greenway in ways that were safe and accessible to hikers. Now, thanks to a new partnership with the Canadian Paralympic Committee and AccessNow, the TCT is increasing accessibility throughout The Great Trail for people with disabilities.
Trans Canada Trail and AccessNow partnership for AccessOutdoors / Trails for All project. Mapping day at Stanley Park Seawall in Vancouver, British Columbia with Richard Peter. Alexa Fernando<p>This partnership also comes at a time when access to outdoor recreation is more important to Canadian citizens than ever. <a href="https://www150.statcan.gc.ca/n1/daily-quotidien/200527/dq200527b-eng.htm" target="_blank" rel="noopener noreferrer">Studies from the spring of 2020</a> indicate that Canadian's <a href="https://www.bnnbloomberg.ca/moneytalk-mental-health-during-covid-19-1.1567633" target="_blank" rel="noopener noreferrer">mental health has worsened</a> since the onset of social distancing protocols due to COVID-19. </p><p>The <a href="https://www.mayoclinic.org/diseases-conditions/coronavirus/in-depth/safe-activities-during-covid19/art-20489385" target="_blank" rel="noopener noreferrer">Mayo Clinic</a> lists hiking, biking, and skiing as safe activities during COVID-19. Their website explains, "When you're outside, fresh air is constantly moving, dispersing these droplets. So you're less likely to breathe in enough of the respiratory droplets containing the virus that causes COVID-19 to become infected."</p><p>TCT leadership took this into consideration when embarking on the accessibility project. McMahon explains that there has never been a more important time to bring accessibility to the great outdoors: "Canadians have told us that during these difficult times, they value access to natural spaces to stay active, take care of their mental health, and socially connect with others while respecting physical distancing and public health directives. This partnership is incredibly important especially now as trails have become a lifeline for Canadians."</p><p>Together, these organizations are paving the way for better physical and mental health among all Canadians. To learn more about the TCT's mission and initiatives, check out their <a href="https://thegreattrail.ca/stories/" target="_blank">trail stories</a> and <a href="https://thegreattrail.ca/wp-content/uploads/2021/01/TCT_2020-Donor-Impact-Report_EN_8.5x14-web.pdf" target="_blank">2020 Impact Report</a>.</p>