Arctic Oil, Gas Production Is Booming Despite Climate Fears
- Energy firms receive $314 billion financial support from banks
- The Arctic is a ‘climate bomb,’ according to author of report
Photographer: Lev Fedoseyev/TASS/Getty Images
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Oil and gas companies are being bankrolled by some of the biggest names in finance to tap the Arctic’s vast natural wealth even as warnings grow about the melting ice cap due to man-made global warming.
Gazprom PJSC, ConocoPhillips and TotalEnergies SE are among energy firms expanding their fossil-fuel expansion in the region, with production of oil and gas set to climb 20% over the next five years, according to a report by Reclaim Finance. The banking sector is complicit, having provided more than $314 billion for such companies from 2016 to 2020, the climate watchdog said.