JPM, Barclays, And Citigroup Are Betting Big On Arctic Oil

Oil and gas companies are set to ramp up production in the Arctic by 20 per cent in the next five years, according to a new report shared with City A.M. this morning. The main Arctic expansionists – Gazprom, Total and ConocoPhillips – are backed by hundreds of billions of pounds from dozens of City banks and investors, despite many holding commitments to restrict fossil financing in the region, Paris-based think tank Reclaim Finance claimed this morning. The report details £230 billion of loans and underwriting from commercial…