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Goldman Sachs will decline financing for new Arctic oil exploration and production and for new thermal coal mine development or strip mining in its updated environmental policy.According to the Wall Street giant’s revised policies, “We will decline any financing transaction that directly supports new upstream Arctic oil exploration or development. This includes but is not limited to the Arctic National Wildlife Refuge.” “For transactions directly financing new thermal coal mine development or any mountaintop removal mining, we will decline the opportunity,” the investment bank’s policies further read. Goldman Sachs will also sit down with companies whose revenues come chiefly from thermal coal mining production to understand their strategies to diversify away from thermal coal mining before considering financing that involves any such companies.“With this policy revision, Goldman Sachs becomes the first major US bank to establish explicit restrictions on financing for any part of the oil and gas sector. It is also the first major US bank to rule out direct finance for thermal coal mines and plants worldwide,” Rainforest Action Network (RAN) said, commenting on Goldman’s new policies.
Deliveries of Champagne to Kremlin saw sudden unexplained growth in the last 24 hours.
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