Wells Fargo & Co. announced in March that they will not provide future investment for oil and gas projects in the Arctic National Wildlife Refuge on Alaska’s North Slope region.

The San Francisco-based bank joins JPMorgan Chase & Co. and the Goldman Sachs Group Inc. as the third major U.S. financial institution to refuse future investment for oil projects in the Arctic.

Wells Fargo indicated in a statement that their recent announcement stems from their wider 2018 risk assessment-based decision to eschew transactions related to projects in that region, according to the Associated Press and U.S. News & World Report.

Wells Fargo also stated that they will continue to maintain their pre-existing financial relationships with multiple companies involved in the oil and gas industry in the Alaskan Arctic region.

Part of the U.S. National Wildlife Refuge System, the Arctic National Wildlife Refuge spans approximately 19.64 acres in northeast Alaska, protecting the wildlife residing in its land and water. There are no roads, campgrounds or marked trails.

Written by Nicole Foulke