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    JTSB releases its final report on Wakashio grounding

    longlinder grounded

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    New partnership aims to reduce the risks posed by dry bulk cargoes

    St. Lawrence Seaway resumes traffic as grounded vessel is refloated

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    Seaside LNG becomes the latest member of the SEA-LNG coalition

    Seaside LNG becomes the latest member of the SEA-LNG coalition

    Grieg Green: It’s time to shed our focus on workers’ rights at ship recycling facilities

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    Jotun Hellas pioneers vessel maintenance and safety with novel Aerial Drone Inspection Service

    Jotun Hellas pioneers vessel maintenance and safety with novel Aerial Drone Inspection Service

    IUMI explores the implications of digitalization on marine insurance

    IUMI explores the implications of digitalization on marine insurance

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    MARPOL 50 Watch Column: Expert thinking on tackling marine pollution and climate crisis worldwide

    Valenciaport: ETS poses many risks for non-EU ports

    Valenciaport: ETS poses many risks for non-EU ports

    World Maritime Day 2023: Celebrating 50 years of MARPOL

    World Maritime Day 2023: Celebrating 50 years of MARPOL

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    Gard Club: Industry needs to mature and learn from incidents and human errors

    Gard Club: Industry needs to mature and learn from incidents and human errors

    Tokyo MOU: Fire Safety is one of the most frequently detainable deficiencies

    Tokyo MOU: Fire Safety is one of the most frequently detainable deficiencies

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    Seafarer Stories: Capt. Cristian Bacanu, Master

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SAFETY4SEA

Barclays opposed to Arctic drilling

by The Editorial Team
January 15, 2019
in Arctic, Shipping
antarctic cruise operators

Above image is used for illustration purposes only / Credit: Shutterstock

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Barclays, a UK based international bank, published an ‘Energy and Climate Change Statement’ focusing on oil and gas drilling in Arctic. According to the statement, the bank restricts its financing for exploration or extraction of oil and gas and supported that any client conducting new exploration of or extraction of Arctic oil and gas will be subject to the Employment Development Department, EDD.

Generally, the financial sector has already started to support the clean energy transition. Barcley’s announcement comes at a time when other major banks have already opposed to Arctic drilling, such as HSBC, BNP Paribas, Royal Bank of Scotland, Societe Generale, and others.

Mainly, Barcley’s policy leaves out funding for companies that aim to begin drilling operations in the Arctic Refuge as well as other action that would add more challenges and threats to the climate.

Also, according to the bank Arctic oil and gas refers to new exploration and extraction of oil and gas in the area within the Arctic Circle which is subject to sea ice, and includes the Arctic National Wildlife Refuge (ANWR) and the Coastal Plains.

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The ANWR is a particularly fragile and pristine ecosystem which is central to the livelihoods and culture of local indigenous peoples.

Finally, the bank supported that except clients being subjected to the EDD, Barclays will conduct EDD on any financing transaction directly connected with the exploration or extraction of oil or gas in the Arctic. Under the EDD framework, the bank would not expect such project finance proposals to meet its criteria.

Tags: Arcticdrillingoil and gas industry
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