Yukon News – Scotiabank is the latest of five Canadian banks to reject drilling in the Arctic National Wildlife Refuge. “Scotiabank will not provide direct financing or project-specific financial and advisory services for activities that are directly related to the exploration, development or production of oil and gas within the Arctic Circle, including the Arctic National Wildlife Refuge.” A similar policy was issued by the Canadian Imperial Commerce Bank (CIBC) in October, joining the Bank of Montreal, Royal Bank of Canada and Toronto Dominion Bank (Nov. 10, 2020) in rejecting drilling in the area.

“Dozens of banks from around the world have also refused to fund oil and gas development there, meaning that oil companies may be unable to finance drilling in the Arctic Refuge, even if they are successful in acquiring leases before the new administration takes over,” said the CPAWS statement (Canadian Parks and Wilderness Society).