Proposal would limit bank pullback of Arctic oil, gas funds

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Tuesday, November 24th, 2020 6:14am

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Photo credit to Shahid Abdullah.

ANCHORAGE, Alaska (AP) — The federal government has released a proposed rule aimed at limiting the ability of large banks to pull financing from Arctic oil and natural gas projects.

The Anchorage Daily News reports that the proposal follows announcements by five of the nation’s largest banks that they plan to prohibit or limit investments in the projects.

Some experts and activists say the federal rule’s potential impact could be muted if banks can show that opting out of Arctic oil projects is a financial decision and not a political strategy.

The proposed rule has been supported by Republican members of Alaska's congressional delegation.

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