Big Banks Virtue Signaling Is Irrelevant For Arctic Oil

JP Morgan. Citi. Morgan Stanley. Goldman Sachs. All of these banks have announced they will no longer finance oil and gas drilling projects in the Arctic, virtue signaling to environmental groups that have been pressing for the suspension of Arctic drilling altogether. Things recently heated up after the U.S. federal government proposed a new rule that would limit banks’ ability to refuse to finance Arctic drilling unless they can prove that the decision to refuse this financing was based on financial rather than political grounds. The proposal…