Did you know that the fossil fuel industy has its eye on expanding oil and gas extraction in the Amazon rainforest? In fact, Amazon oil expansion has become a major threat to the health of the region and a driver of deforestation. And global financial institutions are propping up these fossil fuel companies to continue to destroy this vital biome.
A new report “Capitalizing on Collapse” released by Stand.earth and Stand Research Group shows key financiers like JPMorgan Chase, Citibank, Itau Unibanco, HSBC, and Banco Santander to be complicit in the deforestation of Amazonia. The paper trail detailed in the report found that 160 banks are involved in financing $20 billion USD in Amazon oil and gas over the past 15 years.
Here are some top findings from Capitalizing on Collapse:
The culprits are clear: 8 fossil fuel banks are responsible for the majority of $20 billion in direct financing for oil and gas companies destroying the Amazon; 5% of banks provide over 55% of financing.
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.
These top banks have financed projects like the development of Amazonia’s biggest carbon bomb – the Parnaiba Gas Complex, a facility capable of releasing two gigatons of carbon in its lifetime. The billions banks are funneling into these dangerous products are robbing us of a climate-safe future that aligns with a 1.5°C pathway.
Amazonia is the last place oil and gas extraction should be happening. Forest destruction caused by industrial activities has already forced the Amazonian biome to a tipping point. Indigenous Peoples of Amazonia have put out an urgent call to protect 80% of the region by 2025 to save this key biodiversity hub – which means banks must stop any and all financing of Amazon oil and gas.
PS: Read the full Capitalizing on Collapsereport here.
Sent via ActionNetwork.org. To update your email address, change your name or address, or to stop receiving emails from Stop The Money Pipeline, please click here.
This website uses cookies to provide and improve its services. By continuing to use this website, you consent to our use of cookies. If you do not consent, please view our Cookie Policy for more information.Dismiss