WestLB Is The First Bank To Refuse Finance To Offshore Oil Rigs In The Arctic

WestLB will not provide finance to any offshore oil and gas drilling in the Arctic, according to a new environmental policy that is understood to be the first of its kind. In an eight-point statement relating to financing offshore drilling, published this week, the German bank says that “the oil rig (or vessel etc.) may not perform any exploration or production activities within the 10°C-isotherm, both at the beginning and throughout the life of the financing.” The 10°C-isotherm is the area where the average temperature for…

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