Some investors say banks’ pledges on cutting funding for Arctic oil drilling contain loopholes
Some of the world’s largest banks, including Goldman Sachs Group Inc., HSBC Holdings PLC and BNP Paribas SA, pledged in recent years to stop. The idea was to choke off money for fossil-fuel extraction in a pristine natural environment.
A battle has broken out among investors, environmentalists and banks over those pledges. Some investors and environmentalists say they contain loopholes, and money has continued to flow from big banks to companies active in areas of Norway, Russia, Canada and Alaska rich in oil and gas. Under pressure, two of the banks, BNP and HSBC, say they are reviewing their pledges to make them stronger.
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