ANCHORAGE, Alaska (AP) — Citigroup Inc. has become the latest major bank to say it will not invest in oil and gas projects in the Arctic.
The Anchorage Daily News reported the company revealed the policy in its environmental and social policy framework for 2020.
Citigroup joins Wells Fargo & Co., The Goldman Sachs Group Inc., JPMorgan Chase & Co., and Swiss bank UBS in avoiding Arctic petroleum investments.
Citigroup’s new policy announcement comes as the oil industry is being damaged by rapidly falling oil prices.
Oil industry professionals in Alaska expressed concern that reduced Arctic drilling support could threaten future projects.