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.
HSBC, Europe’s biggest bank, announced that it will no longer provide project finance for new coal power plants, arctic drilling, as well as new tar sands projects, including the construction of any pipelines, becoming the latest in a series of international financiers to have distanced themselves from North American pipelines.
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