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Banks withdraw from investments in oil and gas in the Arctic

The commercial bank West LB launched a new environmental policy in February under which it withdrew from the financing of investment in oil and gas extraction in the Arctic. The bank decided that overall the projects are unsustainable. Meanwhile, F&C, one of the leading London institutional investors with an SRI fund, has decided to drop its holding of Cairn from its ethical portfolio.

More information on the Banktrack website.