When ESG investing hurts the people of the North American Arctic – Policy Options
Barring resource investments in the Arctic hurts the most vulnerable. Social and climate investing should focus on building critical infrastructure.
October 26, 2020
Moral purpose or marketing? This summer, Deutsche Bank became the latest major bank to boycott Arctic resource investment. It’s part of a growing chorus of financial institutions demonstrating their fiduciary responsibility to combat climate change.
At first hand, the announcements look like testaments to global financial institutions finding their “moral purpose.” However, the unfortunate reality is that their Arctic pledges not only fail to contribute to lowering global CO2 emissions or stop the Arctic from melting, but many of those pledges have significant potential to cause damaging social impacts for those who live in the Arctic.
