Royal Bank of Canada will not provide direct financing for exploration or development projects in the Arctic National Wildlife Refuge in northeastern Alaska, according to a new policy that also imposes restrictions on financing for coal mining and power generation.
The RBC guidelines for sensitive sectors and activities, released on Friday, come less than two months after U.S. President Donald Trump finalized his administration’s plans to allow drilling in the country’s largest wildlife refuge.
In a statement, the bank said it periodically reviews and updates environmental and social risk-management policies based, in part, on the expectations of clients and stakeholders.
“We are committed to finding ways to balance the transition to a low-carbon economy while supporting efforts to meet global energy needs and our energy clients,” the statement said.
“Due to its particular ecological and social significance and vulnerability, RBC will not provide direct financing for any project or transaction that involves exploration or development in the Arctic National Wildlife Refuge.”
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