Five of world’s top banks ‘greenwashing’ roles in Amazon destruction

Five of the world’s leading banks – Citibank, JPMorgan Chase, Itaú Unibanco, Santander and Bank of America – are “greenwashing” their roles in destroying the Amazon, a new hard-hitting report says.

The report scrutinises how the environmental and social risk management (ESRM) policies of the top banks financing oil and gas extraction in the Amazon fail to fully address the adverse impacts of their financing on people and nature.

The report is the work of watchdog organisation Stand.earth and the Coordinating Body of Indigenous Organizations of the Amazon Basin (COICA).

The report authors have detailed the extent of the environmental and social governance (ESG) commitments of leading funders of fossil fuel operators in the Amazon.

The report says that over the past 20 years, six banks – Citibank, JPMorgan Chase, Itaú Unibanco, Santander, Bank of America, and HSBC – are responsible for almost half (46%) of all direct financing for oil and gas operations in the Amazon.

It says: “Most of these banks claim to uphold human rights and environmental protection, but, with the exception of HSBC, they continue to finance the operations of state-owned and private oil and gas companies in Brazil, Peru, Colombia and Ecuador.”

It adds: “And yet, banks make claims on their websites, reports, and promotional materials that give the impression that they are finding success in protecting the environment and safeguarding human rights through their due diligence processes.”

The authors say its analysis indicates that banks are “greenwashing”  their contribution to adverse impacts in the Amazon.

The report says: “While their stated commitments to addressing climate change, biodiversity loss, and the exploitation of Indigenous Peoples create the perception that they are protecting people and nature, the banks continue to finance destructive operations.”


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The banks argue that they adhere to ethical policies which help protect forests, nature reserves and other parts of the Amazon.

The report calls on banks to adopt a geographic exclusion covering all transactions involving the oil and gas sector in the Amazon.

“We are literally living in a rainforest on fire, our rivers are either polluted or drying up,” said Fany Kuiru, the general coordinator of COICA.

“Our fate is your fate: the Amazon is critical for the future of our planet. The banks try to wash their hands of the blame through vague policies but must be held accountable for the damage their money is causing to Amazonian Indigenous peoples and the biodiversity of the rainforest. Not a single drop of Amazon oil has been extracted with the consent of Indigenous peoples.

“We demand Citibank, JPMorgan Chase, Itaú Unibanco, Santander and Bank of America to end oil and gas financing.”

Scientists earlier this year warned that up to half of the Amazon rainforest could hit a tipping point by 2050, due to water stress, land clearance and climate disruption.

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