Statement: Bank of America makes right choice by announcing they will not finance drilling in the Arctic

Media Contacts
Ellen Montgomery

Director, Public Lands Campaign, Environment America Research & Policy Center

Key financier stands with the environment

Environment America

WASHINGTON — Bank of America confirmed on Monday that they will join five other large banks that have pledged not to finance drilling in the Arctic National Wildlife Refuge. This announcement comes just weeks after the Trump administration announced they were starting the process for leases in the refuge. President-elect Joe Biden has committed to protecting the refuge.

Environment America Public Lands Campaign Director Ellen Montgomery issued the following statement:

“We welcome Bank of America’s commitment not to finance drilling in the Arctic National Wildlife Refuge. The coastal plain of this iconic natural jewel is an irreplaceable area. It is home to endangered polar bears and the calving ground of the porcupine caribou herd. Considering the refuge’s unique role in the natural world, it would be a blundering error to finance the destruction of this precious habitat. 

“With such renewable energy sources as wind and solar providing more energy for Americans, it makes less sense than ever to drill in the Arctic. And with the incoming administration poised to take action on climate change, drilling for and burning more oil is simply not a smart plan. We are pleased that Bank of America recognizes the importance of protecting the Arctic. We urge oil companies to follow the lead of the banks and stay away from this important open space as we move toward our ultimate goal — permanently protecting the refuge.”


Environment America is a national network of 29 state environmental groups. Our staff work together for clean air, clean water, clean energy, wildlife and open spaces, and a livable climate. Our members across the United States put grassroots support behind our research and advocacy. Environment America is part of The Public Interest Network, which runs organizations committed to a shared vision of a better world, a set of core values, and a strategic approach to getting things done.