banks aren’t interested …

From The Hill:

The Trump administration auctioned off oil and gas rights in the Arctic National Wildlife Refuge (ANWR) for the first time ever Wednesday, selling off 1.6 million acres along the coast to primarily one major buyer: the state of Alaska.

The Alaska Industrial Development and Export Authority (AIDEA) won nearly every bid, a sign that oil companies were largely uninterested in developing the pristine wildlife refuge as many major banks have refused to provide financial backing and public support for the projects has diminished.

The sale raised just $14.4 million dollars, roughly $27 per acre. That figure is far below the billion dollars the 2017 bill projected the government would earn alongside a second sale. Only half the acres up for sale received bids, which were submitted by only three companies.

(Emphasis added.)

About ecoquant

See Retired data scientist and statistician. Now working projects in quantitative ecology and, specifically, phenology of Bryophyta and technical methods for their study.
This entry was posted in American Petroleum Institute, Arctic, being carbon dioxide, Bloomberg New Energy Finance, Carbon Worshipers, climate change, climate denial, climate disruption, climate economics, finance, fossil fuel divestment, global warming, investments, keep fossil fuels in ground. Bookmark the permalink.

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