Axios

Banking giant Morgan Stanley updated its environmental policy late last week, vowing that it will not "directly finance new oil and gas exploration and development in the Arctic."

Why it matters: Per Bloomberg, they're now the fifth major U.S. bank to say they will not back drilling in the region.

European Union advisers are recommending that economic recovery measures for the coronavirus pandemic be in line with climate policy with low-carbon investments, Reuters reports.

Why it matters: It's the latest wrinkle in growing calls to orient huge financial recovery packages in Europe and elsewhere toward low-carbon industries.

Projections of deep pain in the oil sector are increasingly materializing on the ground amid the pandemic-fueled collapse in oil prices and consumption.

What's happening: The combination of years of oversupply and plunging demand means oil wells are filling up quickly.

The reports of the death of the oil industry are, to quote Mark Twain, greatly exaggerated.

Driving the news: Progressive leaders are pouncing on the current collapse in the oil sector as a sign this is the beginning of its end and a turning point for the climate-change movement. Not so fast.