The Banker: The Amazon must become an exclusion zone for fossil finance

The role of banks in the transition

In recent years, I have met with the main banks responsible for financing oil and gas in the Amazon to expose the irreversible impacts their resources have enabled. Although some simply close their doors to dialogue, we have achieved some progress over the years.

Petroperú invested over $6bn — with financing from JPMorgan, Bank of America, Santander and HSBC, according to research by Stand.earth — to expand the Talara Refinery and process 95,000 barrels of oil per day. This oil would be extracted from the Amazon, including from my own territory. But after years of Indigenous resistance, led by women, we have succeeded, for now, in preventing oil extraction from Block 64 in the Peruvian Amazon, which gives me hope.

Despite resistance from various countries to advancing the definition of a pathway and timeline to phase out fossil fuels at COP30 in Belém, it is clear that no viable future includes expansion of this sector. While the world continues to debate the long-promised roadmap, banks should know their first step: to stop financing fossil fuels, especially in biodiverse areas that are vital to the planet, like the Amazon.

The adoption of an Amazon geographic exclusion policy by banks, as BNP Paribas has done, shows that a more responsible pathway is possible. Through this policy, the flow of financial resources to extractive activities in the region has been reduced, although not entirely eliminated.

Just a few weeks ago, the top financier of oil and gas in the Amazon, JPMorgan, added restrictions on fossil fuel financing in the rainforest and improved its Indigenous peoples’ rights policies. But in this case, it is a gesture — not a real transformation. We won’t stop the climate crisis with small steps. Beyond adopting policies, it is imperative that banks fulfil their commitments and do their part now.

As the Amazon faces a surge in oil and gas expansion, Indigenous peoples and our allies are calling for the rainforest to be urgently recognised as an exclusion zone for all extractive activities. We demand that banks adopt robust exclusion policies, both at the project and corporate levels, for any extractive company operating in the Amazon.

We still have time to save the planet and the lives of our children and future generations. After so many years of destruction, why can’t we start working to protect it?

All banks mentioned in the article were contacted for comment. JPMorgan, Santander and Bank of America declined to comment