Investors managing more than $2.5 trillion have warned that fossil fuel companies backing Donald Trump’s plans to open the Arctic National Wildlife Refuge to drilling could face “enormous reputational risk and public backlash”.
The group also adds that exploiting that area, which is one of wildest places left on Earth, would be an “irresponsible business decision”, as global action on climate change will reduce oil demand and mean such projects have a high risk of losing money. An accompanying letter from the indigenous Gwich’in people say it would be “deeply unethical” to destroy their homelands.
“Drilling in the ANWR is an exceedingly high-risk gamble that companies and investors should avoid,” said New York state comptroller, Thomas P DiNapoli, trustee of the New York State Common Retirement Fund, one of the investors that signed the letter. “A global low-carbon economy is emerging, driven by the growing opportunities for cleaner energy. We want the companies [we invest in] to help build that future, not destroy one of America’s last truly wild places.”