FAST FIVE: The World's Most Controversial Oil Frontier Falls Out Of Favor With Big Banks
Environmentalists and Inuit activists have fought long and hard to keep the Arctic protected.
Perhaps the reactions of the oil industry and Greenpeace are anything but shocking, but now a new development has stirred up fresh Arctic drilling controversy from a far less expected source: investment banking.
Back in May 2018, Last September, the Trump administration announced that it intended to open up the 19.3 million-acre ANWR, which had long enjoyed environmental protections that outlawed drilling, to oil and gas exploration.
Not even a global pandemic was able to slow that plan, as summed up by InsideClimate News' April 8 headline “In Alaska's North, Covid-19 Has Not Stopped the Trump Administration's Quest to Drill for Oil.” Then, later that month, a major development caused both uproar and celebration.
In an exclusive interview with Axios, United States Energy Secretary Dan Brouillette compared current banking restrictions in the Arctic to redlining–the historic racist financial practices that kept (and, in some cases, continues to keep) communities of color trapped in poverty.