Democratic senators ask banks to prohibit funding Arctic drilling

Democratic senators ask banks to prohibit funding Arctic drilling
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A group of 15 Democratic senators wrote to 11 major banks last week asking them to ban funding oil and gas drilling or exploration in the Arctic National Wildlife Refuge. 

"The scale of your banks’ assets individually, let alone together, give you the ability to drive change in protecting the Arctic National Wildlife Refuge and in shifting towards a U.S. financial sector that effectively analyzes and plans for climate risks," the senators wrote.

"We respectfully urge you to reassess your current environmental and climate policies and update them to include a prohibition on funding for oil and gas drilling or exploration in the Arctic National Wildlife Refuge," they continued.

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Their letter follows a December announcement by Goldman Sachs that it would prohibit financing for new drilling or exploration in the Arctic, including in the refuge. 

"As one of the largest banks operating in the United States, we write to ask that you join your peers in the U.S. and abroad and commit to stop financing of oil and gas drilling and exploration in the Arctic National Wildlife Refuge," the letter stated.

"Protection of the Arctic National Wildlife Refuge is not only intrinsically important, it is also critical in the broader context of wilderness protection, Indigenous rights, working to combat climate change, and preparing the U.S. economy to weather the growing impacts of the climate crisis," it added.

Their letters were addressed to executives at JPMorgan Chase & Co.Bank of America Corp.Citigroup Inc.Wells Fargo & Co.Morgan StanleyU.S. BancorpPNC Financial Services Group Inc.TD BankCapital One Financial Corp.Citizens Financial Group Inc., and HSBC North America Holdings Inc.

A Wells Fargo spokesperson told The Hill that the company does not directly finance oil and gas projects in the Arctic region, but may extend credit to companies operating there.

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The letters were signed by Sens. Martin HeinrichMartin Trevor HeinrichSenate report says Obama officials were 'not well-postured' to respond to Russian hacking Democratic senators ask banks to prohibit funding Arctic drilling Senate drama surrounding Trump trial starts to fizzle MORE (D-N.M.), Brian SchatzBrian Emanuel SchatzKudlow claims coronavirus has been contained: 'It's pretty close to air-tight' Booker, Merkley propose federal facial recognition moratorium Poll: Majority of Democrats say Electoral College delegates should cast ballots based on popular vote MORE (D-Hawaii), Jeff MerkleyJeffrey (Jeff) Alan MerkleyInterest rate caps are popular — for good reason Overnight Energy: EPA to regulate 'forever chemicals' in drinking water | Trump budget calls for slashing funds for climate science centers | House Dems urge banks not to fund drilling in Arctic refuge Democratic senators criticize plan that could expand Arctic oil and gas development MORE (D-Ore.), Cory BookerCory Anthony BookerDemocrats' Obama-to-Sanders shift on charter schooling This week: House to vote on legislation to make lynching a federal hate crime Juan Williams: Black votes matter MORE (D-N.J.), Mazie HironoMazie Keiko HironoDemocratic senators ask DOJ watchdog to expand Giuliani probe Senate Dems blast Barr for 'clear violation' of duty in Stone case, urge him to resign What the impeachment vote looked like from inside the chamber MORE (D-Hawaii), Tom UdallThomas (Tom) Stewart UdallOvernight Energy: EPA moves to limit financial pressure on 'forever chemical' manufacturers | California sues Trump over water order| Buttigieg expands on climate plan Now is our chance to turn the tide on ocean plastic pollution Buttigieg expands on climate plan with new proposals MORE (D-N.M.), Amy KlobucharAmy Jean KlobucharWinners and losers from the South Carolina debate Sanders most searched, most tweeted about candidate during Democratic debate Democrats duke it out in most negative debate so far MORE (D-Minn.), Michael BennetMichael Farrand Bennet Biden proposes 0B housing plan Nevada caucuses open with a few hiccups Overnight Energy: EPA moves to limit financial pressure on 'forever chemical' manufacturers | California sues Trump over water order| Buttigieg expands on climate plan MORE (D-Colo.), Ed MarkeyEdward (Ed) John MarkeyKennedy, Markey neck-and-neck in Massachusetts primary: poll Overnight Energy: EPA to regulate 'forever chemicals' in drinking water | Trump budget calls for slashing funds for climate science centers | House Dems urge banks not to fund drilling in Arctic refuge Democratic senators criticize plan that could expand Arctic oil and gas development MORE (D-Mass.), Dianne FeinsteinDianne Emiel FeinsteinCalifornia lawmakers mark Day of Remembrance for Japanese internment Democratic senators ask DOJ watchdog to expand Giuliani probe House passes bipartisan bill to create women's history museum MORE (D-Calif.), Richard Blumenthal (D-Conn.), Kirsten GillibrandKirsten GillibrandNow is the time for a US data protection agency The Hill's Campaign Report: Warren up, Bloomberg down after brutal debate Ginsburg, accepting lifetime achievement award, urges working fathers to take an active role in kids' lives MORE (D-N.Y.), Kamala HarrisKamala Devi HarrisThis week: House to vote on legislation to make lynching a federal hate crime Juan Williams: Black votes matter Clyburn: Biden 'suffered' from not doing 'enough' in early debates MORE (D-Calif.), Chris Van HollenChristopher (Chris) Van HollenOvernight Energy: EPA to regulate 'forever chemicals' in drinking water | Trump budget calls for slashing funds for climate science centers | House Dems urge banks not to fund drilling in Arctic refuge Democratic senators criticize plan that could expand Arctic oil and gas development Senate Dems blast Barr for 'clear violation' of duty in Stone case, urge him to resign MORE (D-Md.) and Patrick LeahyPatrick Joseph LeahyRepublicans give Barr vote of confidence Democratic senators ask DOJ watchdog to expand Giuliani probe Overnight Defense: Senate votes to rein in Trump war powers on Iran | Pentagon shifting .8B to border wall | US, Taliban negotiate seven-day 'reduction in violence' MORE (D-Vt.).

Sen. Bernie SandersBernie SandersWinners and losers from the South Carolina debate Five takeaways from the Democratic debate Sanders most searched, most tweeted about candidate during Democratic debate MORE (I-Vt.), who caucuses with Senate Democrats and is a leading contender for the party's presidential nomination, also signed the letter.

A provision in a 2017 tax bill opened the Arctic National Wildlife Refuge to drilling following years of debate over the matter.

Updated: Feb. 4, 10:41 a.m.