Apr 27, 2020 - Energy & Environment

Banks become the latest hurdle for Arctic oil

Ben Geman, author of Generate

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

Updates: George Floyd protests continue past curfews

Police officers wearing riot gear push back demonstrators outside of the White House on Monday. Photo: Jose Luis Magana/AFP via Getty Images

Protests over the death of George Floyd and other police-related killings of black people continued Tuesday across the U.S. for the eighth consecutive day, prompting a federal response from the National Guard, Immigration and Customs Enforcement and Customs and Border Protection.

The latest: Even with early curfews in New York City and Washington, D.C., protesters are still out en masse. Some protesters in D.C. said they were galvanized by President Trump's photo op in front of St. John's Church on Monday and threat to deploy U.S. troops in the rest of country if violence isn't quelled, NBC News reports.

Updated 1 hour ago - Politics & Policy

Trump backs off push to federalize forces against riots

Photo: Brendan Smialowski /AFP via Getty Images

A day after threatening to federalize forces to snuff out riots across the country, the president appears to be backing off the idea of invoking the Insurrection Act, sources familiar with his plans tell Axios.

What we're hearing: Aides say he hasn’t ruled out its use at some point, but that he's “pleased” with the way protests were handled last night (apart from in New York City, as he indicated on Twitter today) — and that for now he's satisfied with leaving the crackdown to states through local law enforcement and the National Guard.

What we expect from our bosses

Illustration: Eniola Odetunde/Axios

Workers — especially millennials and Gen Zers — are paying close attention to the words and actions of their employers during national crises, such as the protests following the killing of George Floyd in police custody.

Why it matters: American companies have an enormous amount of wealth and influence that they can put toward effecting change, and CEOs have the potential to fill the leadership vacuum left by government inaction. More and more rank-and-file employees expect their bosses to do something with that money and power.