- We will no longer invest in upstream oil and gas projects
- The EBRD, however, will continue to invest in selected oil and gas projects in the downstream and midstream that are aligned to or contribute to the Paris Agreement goals
The EBRD’s 1st Vice-President Jürgen Rigterink said in a statement:
- The low carbon transition requires the world economy to move in less than 30 years from a more than 80% reliance on fossil fuels to a net-zero model
In the U.S., Goldman Sachs said in December 2019 that it would decline to finance new Arctic oil exploration & production and new thermal coal mine development or strip mining.
Wells Fargo and JPMorgan have also said they would stop financing new oil & gas projects in the Arctic.
Earlier this year, UN Secretary-General António Guterres’ said that banks should finance low-carbon climate-resilient projects, not big fossil fuel infrastructure that is not even cost-effective anymore.