These banks fund oil & gas in the Amazon amid climate crisis: Report

Mongabay
Mongabay
1M ago
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Banks have provided $15 billion for oil and gas extraction in the Amazon since 2016, despite climate commitments. This financing exacerbates environmental degradation and threatens Indigenous rights.
These banks fund oil & gas in the Amazon amid climate crisis: Report
A What happened
According to a Stand.earth report, banks have funneled $15 billion into oil and gas extraction in the Amazon since 2016, with $2 billion allocated between January 2024 and June 2025. The financing primarily benefits six companies, including Pluspetrol and Hunt Oil Peru. While some banks have reduced their financing due to sustainability policies, none have completely stopped. The report highlights the ongoing environmental damage and socio-economic rights violations linked to projects like the Camisea Gas Complex. Despite a global push for sustainability, many banks are backtracking on climate commitments, prioritizing short-term profits over environmental concerns.
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Key insights

  • 1

    Significant financing amounts: Banks have provided $15 billion for oil and gas extraction in the Amazon since 2016.

  • 2

    Lack of full divestment: No bank has completely ceased financing oil and gas projects in the Amazon.

  • 3

    Environmental violations: Projects funded by banks have led to significant environmental and Indigenous rights violations.

  • 4

    Global trend of backtracking: Many banks are reversing their climate commitments amid increasing fossil fuel financing.

Takeaways

The ongoing financing of oil and gas extraction in the Amazon by banks, despite their sustainability pledges, highlights a troubling trend of prioritizing short-term gains over environmental protection and Indigenous rights.

Topics

Business & Markets Economy Climate & Environment Climate Change