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.
- Exposed: Chevron's Secretive Drilling Site in the Arctic National ... ›
- Goldman Sachs Is First U.S. Big Bank to Divest From Arctic Oil and ... ›
By Jake Johnson
Amid reports that oil industry-friendly former Energy Secretary Ernest Moniz remains under consideration to return to his old post in the incoming Biden administration, a diverse coalition of environmental groups is mobilizing for an "all-out push" to keep Moniz away from the White House and demand a cabinet willing to boldly confront the corporations responsible for the climate emergency.
EcoWatch Daily Newsletter
Anger, anxiety, overwhelm … climate change can evoke intense feelings.
"It's easy to feel dwarfed in the context of such a global systemic issue," says psychologist Renée Lertzman.
She says that when people experience these feelings, they often shut down and push information away. So to encourage climate action, she advises not bombarding people with frightening facts.
"When we lead with information, we are actually unwittingly walking right into a situation that is set up to undermine our efforts," she says.
She says if you want to engage people on the topic, take a compassionate approach. Ask people what they know and want to learn. Then have a conversation.
This conversational approach may seem at odds with the urgency of the issue, but Lertzman says it can get results faster.
"When we take a compassion-based approach, we are actively disarming defenses so that people are actually more willing and able to respond and engage quicker," she says. "And we don't have time right now to mess around, and so I do actually come to this topic with a sense of urgency… We do not have time to not take this approach."
Reporting credit: ChavoBart Digital Media
Reposted with permission from Yale Climate Connections.
- Your Guide to Talking With Kids of All Ages About Climate Change ... ›
- 7 of the Best Ted Talks About Climate Change - EcoWatch ›
- Katharine Hayhoe Reveals Surprising Ways to Talk About Climate ... ›
An extremely rare North Atlantic right whale calf was found dead off the North Carolina coast on Friday.
<div class="rm-shortcode" data-rm-shortcode-id="24c36ab7f041f96875677ba1e9dc1944"><div class="fb-post" data-href="https://www.facebook.com/CapeLookoutNPS/posts/3608024915884969"></div></div>
- 411 North Atlantic Right Whales Remain: This Solution Could Help ... ›
- Sixth North Atlantic Right Whale Found Dead Prompts Concern ... ›
- First North Atlantic Right Whale Calf of the Season Spotted off ... ›
By Andrea Germanos
A new report released Tuesday details the "shocking" state of global land equality, saying the problem is worse than thought, rising, and "cannot be ignored."
- We Need a Green New Deal for Farmland - EcoWatch ›
- The Netherlands Can Feed the World. Here's Why It Shouldn't ... ›
- The Key to Saving Family Farms Is in the Soil - EcoWatch ›
- Urban Farming Booms During Coronavirus Lockdowns - EcoWatch ›
In yet another attack on the environment before leaving office, the Trump administration is seeking to transfer ownership of San Carlos Apache holy ground in Oak Flat, Arizona, to a copper mining company.
- Mining Giant BHP Pauses Plans to Blast 40 Aboriginal Heritage Sites ›
- Mining Company CEO Forced to Resign After Blasting of 46,000 ... ›
- Rio Tinto Blasted Away an Ancient Aboriginal Site. Here's Why That ... ›