Bank of America is going back on its promise to keep drilling out of the Arctic

The bank needs to move away from fossil fuels -- not finance the coal, oil and gas industries that continue harming our planet.

USFWS/Lisa Hupp | Public Domain

Bank of America is going back on its promise.

Just over two years ago, the bank said it would stop financing new coal mines, coal-fired power plants and oil drilling projects in the Arctic. Now? That promise has vanished from Bank of America’s updated policy.

It needs to move away from fossil fuels — not finance the coal, oil and gas industries that continue harming our planet.

New drilling in the Arctic would be a climate disaster

In 2021, we praised Bank of America for recognizing the environmental toll that new coal mines, coal-burning power plants and Arctic oil drilling would have on our overheating planet. Investing in new fossil fuel projects might turn a short-term profit, but it’s the ultimate Ponzi scheme — with all life on the planet ultimately losing.

Under pressure from politicians, the company has now reneged on its commitment — but the environmental threats posed by the fossil fuel industry have not changed.

And the devastating impacts of climate change have never been clearer.

2023 was the world’s hottest year on record. Global wildlife populations are declining and extreme weather patterns are decimating their habitat.

As the second largest bank in the United States, Bank of America’s backpedaling on climate change sends a dangerous signal to the banking industry as a whole: It’s OK to reopen the money spigot for new fossil-fuel projects. No matter the consequences.

That’s why Environmental Action supporters like you are sending Bank of America our own message: Stop financing fossil fuel projects.

Take action to urge Bank of America to stop financing fossil fuel projects in the Arctic

The transition to clean, renewable energy is an all hands on deck challenge. Whether you love or hate the company or don’t even think of it, Bank of America can be part of the solution, not the problem. All the bank has to do is to recommit to the same promise it made a few years ago.

But it won’t happen unless people like us demand it.

Tell Bank of America: Stop financing the fossil fuel projects that are accelerating global warming.

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