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Prudhoe Bay, North Slope Borough, Alaska. Photo: Orbital Horizon/Copernicus Sentinel Data 2020/Gallo Images via Getty Images

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.

  • It's yet another problem for the Trump administration's efforts to open up the Arctic National Wildlife Refuge to oil-and-gas development, though industry interest in the expensive region is already deeply uncertain.

But, but, but: "There’s a limit to the bank vows, which generally only rule out financing tied to individual projects — such as underwriting a specific Arctic drilling venture. The pledges wouldn’t get in the way of a bank providing broad financing to oil companies that operate mostly in Alaska or the Arctic," the Bloomberg piece notes.

Go deeper: Why big banks are breaking up with some fossil fuels

Go deeper

Ben Geman, author of Generate
Jul 29, 2020 - Energy & Environment

Trump heads to Texas oil patch as “dominance” agenda teeters

Data: FactSet; Chart: Axios Visuals

President Trump will tout his policy of "restoring energy dominance" in Texas oil country Wednesday, but market forces, OPEC and a raging pandemic are complicating his plans.

Driving the news: Trump's swing through the state today includes a visit in Midland to a Double Eagle Energy oil rig and speech on energy, and a fundraiser in Odessa.

Blockbuster Supreme Court day

Photo: Drew Angerer/Getty Images

The Supreme Court will give conservatives a lot of what they want — but not quite everything.

Driving the news: It voted 9-0 to carve out religious objections to same-sex marriage, saying foster-care agencies have a First Amendment right to turn away same-sex couples. But it also voted 7-2 to preserve the Affordable Care Act, saying Republican attorneys general did not have the legal standing to bring their lawsuit.

Biden signs bill making Juneteenth a federal holiday

President Biden and Vice President Harris with members of Congress after the signing in the White House on June 17. Photo: Jim Watson/AFP via Getty Images

"Great nations don't ignore their most painful moments," President Biden said before signing legislation Thursday that establishes Juneteenth as a federal holiday, just two days before the occasion.

Why it matters: The holiday, which will be known as Juneteenth National Independence Day, is now the 11th annual federal holiday and the first one established since the creation of Martin Luther King Jr. Day in 1983.