In an op/ed in the Financial Times, David Solomon, the CEO of Goldman Sachs, called on governments to put a price on the cost of carbon
saying, “There is not only an urgent need to act, but also a powerful business and investing case to do so.” On the Arctic drilling issue, members of the Gwich’in First Nation of Alaska met with officials from all the major U.S. banks in October of 2018
and explained the risks financing oil and gas exploration there would pose to the tribe’s way of life and livelihoods. No other U.S. bank has made a similar pledge, though a dozen other foreign banks agreed to withhold support from Arctic oil and gas projects.
“Drilling in the Arctic Refuge would permanently destroy the primary food source of the Gwich’in people, our culture, and our way of life,” said Bernadette Demientieff, Executive Director of the Gwich’in Steering Committee. “The Trump administration may have made up their minds about selling off this sacred place, but the fight is far from over. We’re glad to see Goldman Sachs recognize that the Arctic Refuge is no place for drilling and we hope that other banks, and the oil companies they fund, will follow their lead.”