In the last year , some big bankshavecommittedto protecting the Arctic National Wildlife Refuge in Alaska through withhold their investments from the Arctic as a whole . Seems like Alaska ’s elect officials are somewhat sloshed about it . In fact , they ’ve formally made a whole stink about the new environmental policies banks such as Goldman Sachs and JP Morgan Chase have rolled out .
In aletterdated June 16 , that Politico obtained , Rep. Don Young , Senator Dan Sullivan , and Senator Lisa Murkowski write to offices with the Federal Reserve System , Comptroller of the Currency , and Federal Deposit Insurance Corporation plead that they do something to stop these banks . It follows asimilarly whiny letteron the same topic 36 Republicans send off to the White House last month . But the new letters go further both by begging for natural process and invoking the “ benefit ” oil and gas has had on Alaska Native community to oppose its argumentation .
This is a bit artful given the use Alaska Nativeshave playedin procure these commitments from coin bank ( though it is true some Alaska Natives do support drilling ) . The alphabetic character goes on to say Arctic oil and gas is the U.S. ’s mode out of this coronavirus - fueled economical slump . Really , though ?
The magical Arctic National Wildlife Refuge.Photo: Getty
Let ’s back up real warm . The administrationopened upthe Arctic National Wildlife Refuge ’s 1.5 million - acre coastal plain to drilling in 2017 under President Donald Trump’sdumb ass taxation note . This was despitevocal oppositionfrom the Gwich’in Nation , whose members think the coastal plain consecrated . State lawyer generalandeven nunsalso call to not expand drilling . Since then , however , there ’s been no luck in actually explore for oil and gas due toregulatory delaysandeven a lack of icethat ’s needed for seismic tests to operate safely . ( Hello , global warming ? )
It ’s seeming less and less likely that any reasonable company will seem to destroy this pristine landscape . After all , where will they secure financing for it ? The Alaska Republicans are kick that banks are stick around off from the Arctic due to “ reputational risk , ” but it ’s about a lot more than that . It ’s about banks bottom rail line . Drilling in the remote Arctic is dearly-won . For many banks , oil and natural gas project in this region are just not viable investment anymore , especially when they weigh the environmental risk should something go wrong . These Sir Joseph Banks are making a healthy concern conclusion in stay clearly of this area .
The coronavirus is only accelerating the trend of oil being a forged investiture , particularly oil that ’s costly to moil up and ship . The market is fundamentally turning apace against risky oil . It ’s funny how Republicans have it off to bluster the value of the gratuitous grocery until it does n’t line up with their interests .
“ This is nothing more than an on-going temper tantrum from Republicans upset that bank are recognizing the reality that Arctic drilling is an expensive jeopardy that ’s not deserving accept , ” Sierra Club fourth-year campaign representative Ben Cushing wrote in a affirmation to Earther . “ A growing number of bank are making the obvious business decision to appease away from drilling in the Arctic Refuge because it would jeopardize their reputation and their bottom line , and no amount of angry letters is going to change that . ”
Alaska Republicans , however , are in self-renunciation . They need to buzz world burnI shot . The pandemic offers a rare opportunity for world leaders to completely transform the economy to be less atomic number 6 - intensive . This is urgent founder the way the climate crisis isalreadyaffectingourplanet , particularly the apace change Arctic . Though many Alaska Native community do benefit financially from oil and gas geographic expedition on their dry land , they ’re also the ones that are position to suffer the most frommelting ocean ice , thawing permafrost , and other impacts that move their land and style of life .
However , their interpreter in Congress do n’t mention any of that in this letter . Instead of thinking about the long - terminus consequences of carbon befoulment and price wrought by drill , they ’re focused on the immediate benefits these communities may glean from the fossil fuel sphere . If we ’re talking about immediate concerns , though , what about a potential rock oil spill ? How would that impact the marine resource many of these community depend on ?
The Congress members call this move from banks “ discriminatory ” in the missive , similar to whatTrump governing officials have sound out . But what ’s in reality discriminatory is their inaction on a global crisis that will disproportionately harm their constituents .
ANWR
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