Canada's Largest Bank Confirms That It Will Not Finance ANWR Drilling; 1st Canadian Bank To Do So
Now, if they'd just confirm non-investment policies for other areas of the Arctic .. .
Canada’s largest bank, the Royal Bank of Canada (RBC), has quietly become the first major financial institution in the country to refuse to fund any oil and gas development in the Arctic National Wildlife Refuge (ANWR) in Alaska. “Due to its particular ecological and social significance and vulnerability, RBC will not provide direct financing for any project or transaction that involves exploration or development in the ANWR,” reads RBC’s updated policy guidelines for sensitive sectors and activities posted on Friday.
RBC is “committed to finding ways to balance the transition to a low-carbon economy while supporting efforts to meet global energy needs and our energy clients,” Andrew Block, an RBC spokesperson, said in an email to The Narwhal. The refuge, the largest of its kind in the United States, is home to myriad sensitive species, including polar bears and the Porcupine caribou, a transboundary herd that undertakes one of the largest land mammal migrations on Earth.
The bank’s pledge comes on the heels of a controversial U.S. decision to open up part of the Arctic National Wildlife Refuge to oil and gas development. The decision prompted swift reaction, with 13 environmental organizations taking the Department of the Interior to court. Block said RBC has never financed any oil and gas development in the refuge, and noted the policy update is a “proactive decision” to ensure development isn’t funded in the future by the institution.
Ed. - Yes, because there hasn't been any development in the refuge . . .
The bank also placed restrictions on financing the development of coal-fired power plants, thermal coal mines, mountain-top removal coal mines and development in UNESCO World Heritage Sites. RBC also now requires “enhanced due diligence” of any financing of energy exploration in the Arctic. A report by the Rainforest Action Network released earlier this year found RBC to be the biggest funder of fossil fuel development in Canada.
EDIT
https://thenarwhal.ca/rbc-oil-drilling-arctic-national-wildlife-refuge/