Major U.S. banks said they won't finance Arctic Refuge drilling.

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Every major U.S. bank said they won't finance Arctic Refuge drilling, citing environmental concerns and reputational risks. JPMorgan Chase, Goldman Sachs, Wells Fargo, Citigroup, Morgan Stanley, and Bank of America all adopted policies ruling out financing for Arctic Refuge projects. More than 20 insurance companies also won't insure Arctic drilling operations. The financial industry's rejection makes development nearly impossible even if leases are sold. Banks fear backlash from environmentally conscious customers and investors who see Arctic drilling as incompatible with climate commitments. Without financing, oil companies can't build the roads, facilities, and infrastructure needed for Arctic operations. This financial blockade is a major reason the Jan. 2025 lease sale drew zero bids despite Trump opening the entire coastal plain.

Major U.S. banks said they won't finance Arctic Refuge drilling.

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