The US Treasury Department on Thursday froze an eleventh-hour rule from the administration of former President Donald Trump that sought to block banks from ruling out oil and natural gas investments on account of climate risk. The Treasury’s Office of the Comptroller of the Currency (OCC) in November issued a so-called “fair access” rule that would have forced banks to consider lending to the oil and gas sector in the wake of pledges from banks to avoid certain types upstream projects (OD Nov.25’20).
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