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"Goldman Sachs rules out financing for Arctic drilling. Will other U.S. banks follow?
Author: Dino Grandoni, Washington Post , Published on: 17 December 2019
The new environmental policy from Goldman Sachs... prohibits financing for... Arctic drilling... [and] coal-fired power plants that don't have carbon emissions reduction technology as well as for coal mines that extract fuel for those power stations. The bank also promised to invest $750 billion in “sustainable finance” over the next decade... “Profitability will always matter,” Goldman Sachs CEO David Solomon[said] “But finance must also address climate transition and inclusive growth while achieving and sustaining those returns.” ...Goldman is the first to do so among major U.S. firms... Andrew Gray, a spokesman for JPMorgan Chase, said... the bank has “a significant amount of work underway to further build upon our efforts on climate-related risk and opportunity and we look forward to sharing more in the coming year.”...E.J. Bernacki, a spokesman for Wells Fargo, said... "While we will continue to support the responsible development of conventional energy, Wells Fargo is committed to accelerating the transition to a low-carbon economy." ... Goldman’s decision comes after Bernadette Demientieff, executive director of the Gwich’in Steering Committee, and other activists met with the bank multiple times... "My heart is really humbled... our people are living in ground zero of climate change," she said.