Although an increasing number of banks, investors and insurers have some sort of restriction for oil and gas operations in the Arctic, support for oil and gas development in the Arctic has continued largely unabated. Policies are failing to stop oil and gas expansion in the Arctic for three reasons.
1. Firstly, none of the policies exclude corporate support to companies developing new oil and gas projects in the Arctic.
2. Secondly, none of the policies fully cover the Arctic region: not one major financial player listed in our report has chosen to protect the most comprehensive and climate-relevant Arctic boundaries as defined by the Arctic Monitoring and Assessment Programme.
3. Thirdly, too many policies don’t rule out support for gas projects in the Arctic, despite its potent role in global warming and recents calls by the IPCC and the IEA to reduce gas production.
Click here to explore our interactive map, navigate through the different Arctic exclusion scopes, and find out whether financiers are effectively tackling oil and gas expansion in the Arctic.