ANCHORAGE, Alaska (AP) — Alaska state officials reacted with alarm this week after a second large U.S. bank said it would not support future oil and gas projects in the Arctic.
The state’s energy commission responded by shredding his Chase credit card after JPMorgan Chase & Co. announced a broad initiative earlier this week to combat climate change and promote renewable energy, The Anchorage Daily News reported Thursday.
JPMorgan will not provide financing that “will be used for new oil and gas development in the Arctic,” the bank said in a statement, which did not name specific Alaska projects.
State officials see the move as a potential threat to an industry vital to Alaska’s economy.
Republican Gov. Mike Dunleavy’s administration is subsequently reviewing the state’s business relationship with the bank, spokesman Jeff Turner said in an email.