Banks 'complicit' in ramp-up of Arctic oil drilling despite climate concerns

Gazprom, ConocoPhillips and TotalEnergies are among energy firms expanding their fossil-fuel expansion in the region,  according to  Reclaim Finance.

Arctic drilling is ramping up. Earlier this year, the International Energy Agency said averting a climate crisis means there can be no new oil, gas or coal fields.

Oil and gas companies are being bankrolled by some of the biggest names in finance to tap the Arctic’s vast natural wealth even as warnings grow about the melting ice cap due to man-made global warming.

Gazprom, ConocoPhillips and TotalEnergies are among energy firms expanding their fossil-fuel expansion in the region, with production of oil and gas set to climb 20% over the next five years, according to a report by Reclaim Finance.