Banks’ Vows to Restrict Loans for Arctic Oil and Gas Development May Be Largely Symbolic

Inside Climate News: Over the last several months, some of the nation's biggest banks announced they will not finance new oil and gas development in the Arctic. The new policies are the first steps by American banks to restrict lending to the oil industry, and they come after years of campaigning by environmental groups.

But a close look reveals that the policies may not amount to much at all. That's because they generally limit only direct funding for Arctic operations, while banks rarely, if ever, provide such loans.

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