The Switzerland-based UBS Bank has joined several other investment companies in pulling funding and support for new offshore drilling projects in the Arctic, a move that could affect future funding for oil and gas projects in Alaska.
A number of US banks, including Wells Fargo & Co, Goldman Sachs and JPMorgan Chase, have already announced similar policy shifts, stating they were no longer supporting new projects in the region in an effort to tackle climate change.
Although major oil companies in Alaska are not too dependent on banks for their projects because they can use their own cash flow, the bank announcements could make it difficult for smaller operators to borrow money for future plans.
