Banks Continue to Pile on Fossil-Fuel Finance

15 January 2020, International Banker

On December 15, US bank Goldman Sachs announced what many believe to be the strongest restrictions on fossil-fuel activity by any major bank in the United States. Most notably, the bank has become the first big American lender to restrict financing on any part of the oil-and-gas sector, with a particular focus on protecting the Arctic National Wildlife Refuge. Goldman is also the first in the US to stop direct finance globally of thermal-coal mines and plants, which includes phasing out financing for major thermal-coal-mining companies that do not have a diversification strategy. Source : Banks Continue to Pile on Fossil-Fuel Finance