Wells Fargo third major bank to end Arctic oil investment

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Tuesday, March 3rd, 2020 6:04am

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Photo credit to JeepersMedia.

ANCHORAGE, Alaska (Anchorage Daily News) — Wells Fargo & Co. has become the third major U.S. bank to announce it will not support financing for oil and gas projects in the Arctic.

The Anchorage Daily News reported the bank identified the Arctic National Wildlife Refuge on Alaska’s North Slope as an area where it will not invest.

Wells Fargo joins The Goldman Sachs Group Inc. and JPMorgan Chase & Co. in the decision not to provide Arctic funding.

Wells Fargo said the decision applies only to project finance and that the bank plans to continue ongoing relationships with oil and gas companies in the Arctic.

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