Goldman Sachs to stop financing new drilling for oil in the Arctic
US bank becomes the first to establish a no-go zone in the oil and gas sector
US bank becomes the first to establish a no-go zone in the oil and gas sector
Goldman Sachs has ruled out future financing of oil drilling or exploration in the Arctic and said it would not invest in new thermal coal mines anywhere in the world.
The new environmental policy, which was released by the US bank on Sunday, was praised by environmentalists, though many warned that it was only a first step.
In its statement, Goldman Sachs also “acknowledged” the scientific consensus on the climate crisis, which it said was one of the “most significant environmental challenges of
the 21st century” and said it planned to more effectively help its client manage climate impacts, including through the sale of weather-related catastrophe bonds.
