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Bank of America Says It Won’t Finance Oil and Gas Exploration in the Arctic

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Bank of America Corp. said that it won’t provide project financing for oil and gas exploration in the Arctic after facing opposition from environmentalists.

“There’s been misunderstanding around our position, but we have not historically participated in project finance for oil and gas exploration in the Arctic,” Larry Di Rita, the bank’s head of public policy and strategy in Washington, said Monday in an interview. “But given that misinterpretation, we’ve determined that it’s time to codify our existing practice into policy.”