"A day after the Brazilian state-run oil firm Petrobras announced it would begin drilling for oil near the mouth of the Amazon River "immediately" after obtaining a license despite concerns over the impact on wildlife, an analysis on Tuesday revealed that banks have added $2 billion in direct financing for oil and gas in the biodiverse Amazon Rainforest since 2024."
"Examining 843 deals involving 330 banks, Stand.earth found that US banks JPMorgan Chase, Bank of America, and Citi are among the worst-performing institutions, pouring between $283 million and $326 million into oil and gas in the Amazon. The biggest spender on oil and gas in the past year has been Itaú Unibanco, the Brazilian bank, which has sent $378 million in financing to oil and gas firms for extractive activities in the Amazon."
Banks have added $2 billion in direct financing for oil and gas in the Amazon Rainforest since 2024. Petrobras received a license and will begin drilling near the mouth of the Amazon River immediately. Data covering 843 deals and 330 banks show US banks JPMorgan Chase, Bank of America, and Citi each provided between $283 million and $326 million for Amazon oil and gas. Brazilian bank Itaú Unibanco led with $378 million in financing to extractive firms. Oil and gas expansion accelerates deforestation, pollutes rivers, threatens Indigenous communities, and increases greenhouse gas emissions. COP30 will convene in Belém amid calls for $1.3 trillion per year in climate finance for developing countries.
#amazon-rainforest #oil-and-gas-financing #petrobras-drilling #deforestation #indigenous-and-biodiversity-impact
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