Report Reveals $2 Billion of New Financing by Big Banks for Oil and Gas in the Amazon
"These investments are complicit in genocide: They are killing our culture, our history, and destroying the biodiversity of the Amazon.”
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.
The report from Stand.earth—and Petrobras' license—come weeks before officials in Belém, Brazil prepare to host the 2025 United Nations Climate Change Conference (COP30), where advocates are calling for an investment of $1.3 trillion per year for developing countries to mitigate and adapt to the climate emergency.
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.
"Oil and gas expansion in the Amazon endangers one of the world’s most vital ecosystems and Indigenous peoples who have protected it for millennia," said Stand.earth. "In addition to fossil fuels leading global greenhouse gas emissions, in the Amazon their extraction also accelerates deforestation, and pollutes rivers and communities."
The group's research found that banks have directly financed more than $15 billion to oil and gas companies in the Amazon region since the Paris Agreement, the legally binding climate accord, was adopted in 2016. Nearly 75% of the investment has come from just 10 firms, including Itaú, JPMorgan Chase, Citi, and Bank of America.
The analysis comes weeks after the UN-backed Net-Zero Banking Alliance said it was suspending its operations, following decisions by several large banks to leave the alliance that was established in 2021 to limit banks' environmental footprint, achieve net-zero emissions in the sector by 2050, and set five-year goals for reducing the institutions' financing of emissions.
"Around 1,700 Indigenous people live here, and our survival depends on the forest. We ask that banks such as Itaú, Santander, and Banco do Nordeste stop financing companies that exploit fossil fuels in Indigenous territories."
Devyani Singh, lead researcher for Stand.earth's new bank scorecard on fossil fuel financing, noted that European banks like BNP Paribas and HSBC have "applied more robust policies to protect the sensitive Amazon rainforest than their peers" and have "significantly dropped in financing ranks."
But, said Singh, "no bank has yet brought its financing to zero. Every one of these banks must close the existing loopholes and fully exit Amazon oil and gas without delay.”
More than 80% of the banks' Amazon fossil fuel financing since 2024 has gone to just six oil and gas companies: Petrobras, Canada's Gran Tierra, Brazil's Eneva, oil trader Gunvor, and two Peruvian companies: Hunt Oil Peru and Pluspetrol Camisea.
The companies have been associated with human rights violations and have long been resisted by Indigenous people in the Amazon region, who have suffered from health impacts of projects like the Camisea gas project, a decline in fish and game stocks, and a lack of clean water.
“It’s outrageous that Bank of America, Scotiabank, Credicorp, and Itaú are increasing their financing of oil and gas in the Amazon at a time when the forest itself is under grave threat," said Olivia Bisa, president of the Autonomous Territorial Government of the Chapra Nation in Peru. "For decades, Indigenous Peoples have suffered the heaviest impacts of this destruction. We are calling on banks to change course now: by ending support for extractive industries in the Amazon, they can help protect the forest that sustains our lives and the future of the planet.”
Stand.earth's report warned that both the Amazon Rainforest—which provides a habitat for 10% of Earth's biodiversity, including many endangered species—and the people who live there are facing "escalating threats" from oil and gas companies and the firms that finance them, with centuries of exploitation driving the forest "toward an ecological tipping point with irreversible impacts that have global consequences."
Oil and gas exploration is opening roads into intact parts of the Amazon and other forests, while perpetuating the new fossil fuel emissions that scientists and energy experts have warned have no place on a pathway to limiting planetary heating.
"With warming temperatures, the delicate ecological balance of the Amazon could be upset, flipping it from being a carbon-absorbing rainforest into a carbon-emitting savannah," reads the group's report.
Jonas Mura, chief of the Gavião Real Indigenous Territory in Brazil, said "the noise, the constant truck traffic, and the explosions" from Eneva's projects "have driven away the animals and affected our hunting."
"Even worse: they are entering without our consent," said Mura. "Our territory feels threatened, and our families are being directly harmed. Around 1,700 Indigenous people live here, and our survival depends on the forest. We ask that banks such as Itaú, Santander, and Banco do Nordeste stop financing companies that exploit fossil fuels in Indigenous territories."
"These companies have no commitment to the environment, to Indigenous and traditional peoples, or to the future of the planet," he added. "These investments are complicit in genocide: They are killing our culture, our history, and destroying the biodiversity of the Amazon.”
