Big Banks to Face Pressure During Shareholder Meetings Not to Fund Arctic Drilling

UPDATE: Citigroup has just released a new policy ruling out funding for drilling in the Arctic. 

This week, as major banks face shareholders for their annual general meetings, they will face pressure from shareholders and activists to commit to ruling out financing for any new drilling in the Arctic, including the Arctic National Wildlife Refuge.

In recent months, more than a dozen global banks have made such commitments, including major American banks like JPMorgan Chase, Wells Fargo, and Goldman Sachs. Bank of America, Morgan Stanley, and Citigroup have thus far failed to follow suit. 

• Citigroup and Bank of America will hold their virtual annual general meetings this Tuesday and Wednesday, respectively, and will face questions from shareholders about their positions on Arctic drilling. The banks will also be the target of social media and digital ad campaigns urging them to follow along with other US banks and rule out funding for the destruction of the Arctic Refuge. Morgan Stanley will face similar pressure when the bank holds its own shareholder meeting next month.
• On Thursday, leaders from the Gwich’in Nation will join a panel discussion as part of Earth Day Live, a three-day livestream mobilization for communities and the climate. Thursday’s content will be dedicated to the push to hold Wall Street accountable for its role in the climate crisis, and during their panel, the Gwich’in leaders will discuss the importance of defending the Arctic Refuge and the fight to push banks to walk away from drilling there. 

“Even though we’re not able to rally outside their door and make our case in person this year, that won’t stop us from standing with the Gwich’in and demanding that big banks draw a line against financing the destruction of the Arctic Refuge,” said Sierra Club campaign representative Ben Cushing. “The public is watching, and any bank that supports destroying this unique landscape and trampling the human rights of the Gwich’in will face a powerful public backlash. It’s time for Bank of America, Citigroup, and Morgan Stanley to get the message: Arctic Refuge drilling is a risk that’s not worth taking, and they should walk away now.”