Goldman Sachs becomes 1st major US bank to pledge no funding for new Arctic drilling

While environmental groups lauded the move as a step in the right direction, one advocacy group pointed out that this is only a 'fraction of Goldman Sachs' multibillion-dollar fossil fuel portfolio.'

December 16, 2019, 8:33 PMCatch up on the developing stories making headlines.Goldman Sachs has become the first major U.S. bank to ban financing for new oil drilling or exploration in the Arctic region.

An airplane flies over caribou from the Porcupine Caribou Herd on the coastal plain of the Arctic National Wildlife Refuge in northeast Alaska, in an undated handout photo from the U.S. Fish and Wildlife Service. Part of the Brooks Range mountain range is reflected in Schrader Lake in the Arctic National Wildlife Refuge in Alaska, Feb. 1, 2013.

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