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Gov. Dunleavy to introduce legislation in support of oil and gas exploration

This legislation would require state departments and agencies to end existing relationships and partnerships with financial institutions that have chosen to stop financing oil and gas exploration and development in the Arctic.
Undated photo.
Undated photo.(KTUU)
Published: Dec. 14, 2020 at 5:10 PM AKST
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FAIRBANKS, Alaska (KTVF) - In a press release issued by the office of the governor, Governor Dunleavy stated that he would be introducing legislation at the start of the 32nd Alaska Legislature. This legislation would require state departments and agencies to end existing relationships and partnerships with financial institutions that have chosen to stop financing oil and gas exploration and development in the Arctic.

In an announcement back in April, several large financial institutions stated that they would not provide project-related financing for oil and gas exploration and production. These financial institutions include Citigroup, Wells Fargo & Co., The Goldman Sachs Group Inc., JPMorgan Chase & Co., and Swiss bank UBS.

“We are the only arctic state in the nation. For over 40 years, the United States has benefited greatly from exploration and development of our arctic resources,” said Governor Dunleavy.  “It makes no sense for Alaska to allow financial institutions to benefit handsomely from Alaska’s financial activities on one hand, while working against our interests on the other. Oil and gas exploration in the arctic has created thousands of jobs and billions of dollars in revenue benefiting Alaskans and the country as a whole.”

In the press release it states that Alaska’s environmental standards for oil and gas development are widely considered among the best in the world. It went on to say that other states, and even other countries have reached out to the State of Alaska to learn how to explore and produce oil and gas reserves safely and responsibly.

“If a group of financial institutions want to make a political statement with their investment strategy, that is their prerogative – but if Alaska does not have a robust oil and gas industry our future is not bright. It is my job to protect Alaska and its economic future,” added Governor Dunleavy.

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