Bank of America policy ignores Indigenous rights and climate crisis
Bank of America's revised policy restores the bank's option to finance drilling in the 19.3 million-acre Arctic National Wildlife Refuge.
Georgia and Edward Bennett
ANCHORAGE, ALASKA (Feb. 14, 2024) – Despite announcing in 2020 that it would not finance future oil and gas development in the Arctic, Bank of America recently updated an internal document to clarify that such projects would merit “enhanced due diligence” but would not necessarily be rejected. This leaves the door open to the banking giant financing drilling despite the potential climate impacts and public opposition to oil development in sensitive places such as the Arctic National Wildlife Refuge.
In response to the bank’s changing position, The Wilderness Society released the following statement from Meda DeWitt, the organization’s interim state director for Alaska:
“After previously claiming credit for supporting Indigenous rights and taking a stand against climate change, Bank of America has regrettably walked back its policy and made clear it is willing to disrespect humanity and the sovereignty of Indigenous Gwich’in and Iñupiat communities that have stewarded Arctic lands for thousands of years, and still depend on those lands for their very survival.
“To say we are disappointed that Bank of America would finance the destruction of the future is an understatement,” DeWitt added. “We strongly urge bank officials to do the right thing by restoring their commitment to stand up for Indigenous rights, and to take meaningful steps to do business in a way that addresses the climate crisis.”
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The Wilderness Society is the leading conservation organization uniting people to care for America’s wild places. Founded in 1935, and now with more than one million members and supporters, The Wilderness Society has led the effort to permanently protect 111 million acres of wilderness and to ensure sound management of our shared national lands. www.wilderness.org.
