BofA Says It Won’t Finance Arctic Oil and Gas Exploration (1)

Bank of America Corp. said that it won’t provide project financing for oil and gas exploration in the Arctic after facing opposition from environmentalists.

“There’s been misunderstanding around our position, but we have not historically participated in project finance for oil and gas exploration in the Arctic,” Larry Di Rita, the bank’s head of public policy and strategy in Washington, said Monday in an interview. “But given that misinterpretation, we’ve determined that it’s time to codify our existing practice into policy.”

Environmental campaigners have criticized the Charlotte, North Carolina-based lender for its stance. Earlier this month, the Sierra Club...