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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.

3 hours ago - Health

Axios AM Deep Dive: Covid forever

Illustration: Aïda Amer/Axios

It was 563 days ago that the WHO declared Covid-19 a pandemic. This Axios AM Deep Dive, led by healthcare reporter Caitlin Owens, looks at our Covid future.

Federal judge blocks vaccine mandate for NYC teachers

Students are dismissed from the first day of school at PS 133 in Brooklyn on Sept. 13. Photo: Michael Nagle/Xinhua via Getty Images

A federal appeals court judge on Friday temporarily blocked New York City schools from enforcing a vaccine mandate for school employees, days before it was set to take effect, AP reports.

Driving the news: The vaccine mandate was set to begin on Monday, prompting concerns over staffing shortages in schools across the nation's largest school system.