London (CNN Business) Goldman Sachs (GS) is the first big US bank to say it won't finance new oil projects in the Arctic.

On Sunday, the bank announced a raft of changes to its environmental policies, including a pledge not to finance drilling in the Arctic. The restrictions also rule out projects in Alaska's Arctic National Wildlife Refuge, which President Donald Trump has sought to open to development.

The funding freeze extends to new thermal coal mine and power plant development around the world, as well as projects that "significantly convert or degrade a natural habitat," Goldman Sachs said on its website.

The bank also announced a commitment to invest $750 billion over the next 10 years into areas that focus on climate transition and inclusive growth.

Goldman Sachs' move comes as activists and scientists decried the global climate agreement reached Sunday at a UN summit in Madrid, saying its watered-down language fails to deliver clear carbon-cutting commitments.

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