Yet Another International Bank Rejects Arctic Refuge Drilling

Sydney, Australia -- The Commonwealth Bank of Australia has joined the growing list of multinational financial institutions that have drawn a hard line against financing for oil and gas drilling or exploration in the Arctic National Wildlife Refuge. The bank’s updated environmental and social framework notes that, “We do not provide project finance for the mining, exploration, or development of oil sands, or for oil and gas exploration and development in the Arctic,” and a representative from the bank confirmed that, "the updated policy applies to both onshore and offshore Arctic areas, including the Arctic National Wildlife Refuge."

This updated policy follows similar announcements from other major international financial institutions including Royal Bank of Scotland, Barclays and National Australia Bank. Some of the world’s most significant institutional investors have also raised concerns about the risks associated with Arctic Refuge drilling and urged companies and financial institutions not to invest there. 

In response, Sierra Club Campaign Representative Ben Cushing released the following statement: 

“A growing number of international banks are seeing the writing on the wall: the Arctic Refuge is no place for drilling, and any bank that supports its destruction will face major financial and reputational risk. We applaud Commonwealth Bank for committing not to support drilling in this unique wilderness and we urge other major banks to follow suit.”