re: Oil And Gas Executives Say It's Not Joe Biden Holding Back Domestic Production

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So you are saying there is nowhere such as Alaska

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In 2019, Goldman Sachs became the first big U.S. bank to rule out financing new oil exploration, 14 international banks have since ended direct financing of new coal plants

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The bank’s environmental policy declared climate change as one of the “most significant environmental challenges of the 21st century” and pledged to help its clients manage climate impacts more effectively, including through the sale of weather-related catastrophe bonds. The giant bank also committed to investing $750 billion over the next decade into areas that focus on climate transition.

Wall Street banks tend to move in lockstep, and Wells Fargo, JPMorgan Chase, Bank of America, Citigroup, and Morgan Stanley quickly followed suit by marking their enormous oil and gas loan businesses for extinction.

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One year after Wells Fargo & Co. became one of the last big U.S. banks to make a net-zero promise, the bank has become the biggest fossil fuel lender: Wells Fargo’s 2021 tally in the sector topped $28 billion, racking up $188 billion in oil and gas loans since late 2015. Last year alone, banks organized ~$555 billion of bonds and loans for the oil, gas, and coal sectors.

Wells Fargo’s fossil fuel lending has stayed at the top of the industry. Wells, America’s fourth-largest bank, earned itself the dubious distinction as one of the most scandalous financial institutions in the land after it emerged that it had systematically opened millions of fake accounts for its clients.

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