Money Makers Mentor

Bank of America: No Financing for Drilling in the Arctic

Bank of America (BAC) has joined other major U.S. banks in denying financial assistance for oil and gas exploration in the Arctic. Environmental groups played a large role in this decision.

Over the past few months, the Sierra Club has put pressure on Bank of America. It called Bank of America, “The only major U.S. bank not to rule out financing for the destruction” of the Arctic National Wildlife Refuge (ANWR). The Sierra Club issued the criticism after other banks committed to not finance the drilling.

Larry Di Rita, Bank of America’s public policy and strategy in Washington chief, told Bloomberg on Nov. 30 that it won’t finance Arctic oil and gas exploration.

“There’s been misunderstanding around our position,” Rita said. “But we have not historically participated in project f…

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