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Report: The Top Banks Financing Amazon oil and gas

Citi is a top profiteer off the extraction and destruction in the Amazon rainforest

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A new report “Capitalizing on Collapse” by Stand Research Group shows the complicity of leading banks, including JPMorgan Chase, Citibank, Itau Unibanco, HSBC, and Banco Santander, in the deforestation of Amazonia.

Here are our top findings:

  • The culprits are clear: 8 fossil fuel banks are responsible for the majority of $20 billion USD in direct financing for oil and gas companies destroying the Amazon; 5% of banks provide over 55%.
  • Their influence runs deep: These banks act as enablers of influence and power of the fossil fuel industry in the region: including backing corruption, financing projects that will impact Uncontacted Peoples and Indigenous rights, or financing carbon bombs.
  • Big money flows through loopholes: Banks increasingly cannot trace how the money lent to oil and gas companies is spent, making it practically impossible to ensure financing compliance with their own environmental, social, and climate commitments.

As we enter a new era of climate chaos, it is imperative that banks financing oil and gas in Amazonia. Amazonia is a globally significant region for Indigenous stewardship, climate change mitigation, and biodiversity.

Read the full report at the Stand.earth’s website

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