That’s the hope of some Native Americans and environmentalists in Alaska who for years have pressured Wall Street to rule out financing oil and natural gas work in the world’s fastest-warming region. “Profitability will always matter,” Goldman Sachs CEO David Solomon wrote in an op-ed in the Financial Times explaining the decision. Between 2016 and 2018, American banks made up six of the top 12 financiers of coal, oil and gas work. Bernacki, a spokesman for Wells Fargo, said the bank has restricted some financing in the Alaska Arctic since 2018. Natural gas emits only half the greenhouse gas as coal at the point of combustion.”Democratic presidential candidate and former New York mayor Mike Bloomberg.

Source: Washington Post December 17, 2019 12:56 UTC