Banks vs. the Amazon
From Frontrunners to Laggards: Ranking Major Banks’ Amazon Oil and Gas Financing
Ahead of COP30 in Belém, Brazil, the first COP to be held in the Amazon, a new report by Stand.earth reveals that banks have added $2 billion of direct financing for destructive Amazon oil and gas between January 2024 and June 2025. Since the Paris agreement was adopted in 2016, banks directly financed over $15 billion to Amazon oil and gas activities. Just 10 banks, including JP Morgan, Itaú, Citi, Bank of America, and HSBC are responsible for nearly 75% of that financing, while BNP Paribas and HSBC have policies that have led to measurable improvements.
