Big banks around the world are pouring billions of dollars into new fossil fuel development. These investments are fueling the climate crisis, environmental destruction and human rights abuses. But that is starting to change.In response to pressure from Indigenous leaders and climate activists, Goldman Sachs recently became the first major US bank to rule out financing for Arctic drilling, including in the Arctic National Wildlife Refuge. America’s largest bank, JPMorgan Chase, did the same, and then three more major US banks -- Wells Fargo, Citi, and Morgan Stanley -- followed quickly after. More than a dozen other global banks have also prohibited financing for Arctic drilling projects.Bank of America is now the only one of the six largest US banks that has failed to rule out funding for Arctic drilling. That’s unacceptable -- but sadly not unexpected.From 2016-2019, Bank of America poured almost $157 billion into the fossil fuel industry. It almost doubled its financing for coal between 2018 and 2019. Bank of America is also one of the world’s biggest funders of fracking and offshore drilling. Bank of America recently committed to start measuring and disclosing the climate impact of its financing activity. The next obvious step is to reduce its climate impact, and the most urgent order of business is to stop investing in fossil fuels. Bank of America can start right now by joining its peers in prohibiting funding for Arctic drilling.Take action: Tell Bank of America that supporting Arctic drilling is bad for the climate, biodiversity, and human rights -- and it’s bad for business.
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