From 2016 to 2020, commercial banks have channeled more than $314 bn to the leading companies developing new oil and gas projects in the Arctic.

More than a third (222 out of 599) of these fields are already under production, representing more than 4 billions of barrels
and 1.3 GtCO2eq of GHG emissions in 2020, and increasing each year. That’s three times the GHG emissions of France.

Despite heightened costs and extreme conditions, more climate bombs could develop in the Arctic: two-thirds of the assets listed are not yet at the production stage.