Skip to main content

Sign up for our newsletter.

Quality journalism. Progressive values. Direct to your inbox.

Five financial firms are funding the oil extraction business in the Amazon rainforest despite promising to act to mitigate the climate crisis.

Five financial firms are funding the oil extraction business in the Amazon rainforest despite promising to act to mitigate the climate crisis. (Photo: Catedral Verde - Floresta Amazonica/Wikimedia)

New Report Takes Aim at Five Banking Institutions Backing Amazon Rainforest Exploitation

"Five of the world's most powerful financial institutions are actively contributing to climate change by providing debt and equity financing for crude oil extraction projects in the Amazon."

Eoin Higgins

A new report from the group Amazon Watch shows how five of the world's largest financial institutions are funding the exploitation of the Amazon Rainforest for oil—even as those firms claim to be on the side of mitigating the climate crisis.

"Five of the world's most powerful financial institutions are actively contributing to climate change by providing debt and equity financing for crude oil extraction projects in the Amazon," reads the report.

The five banks—Citigroup, JPMorgan Chase, Goldman Sachs, HSBC, and BlackRock—"have made available tens of billions of dollars for oil companies operating in the Amazon, including GeoPark, Amerisur, Frontera, and Andes Petroleum," according to the report.

The five firms have enjoyed good press recently for their stated commitment to curbing the climate crisis and making investment choices around saving the planet.

But, Amazon Watch said in an accompanying multimedia toolkit, the firms are instead "pouring money into crude oil extraction in the western Amazon, despite explicit opposition from indigenous groups on the ground and the worsening of the climate crisis that such activity promotes." 


Our work is licensed under Creative Commons (CC BY-NC-ND 3.0). Feel free to republish and share widely.

This is the world we live in. This is the world we cover.

Because of people like you, another world is possible. There are many battles to be won, but we will battle them together—all of us. Common Dreams is not your normal news site. We don't survive on clicks. We don't want advertising dollars. We want the world to be a better place. But we can't do it alone. It doesn't work that way. We need you. If you can help today—because every gift of every size matters—please do. Without Your Support We Simply Don't Exist.

Architect of Texas Abortion Ban Takes Aim at LGBTQ+ Rights While Urging Reversal of Roe

"Make no mistake, the goal is to force extreme, outdated, religious-driven values on all of us through the courts."

Jessica Corbett ·


Ahead of Canadian Election, Bernie Sanders and Rashida Tlaib Endorse NDP

"Bernie, you have fought courageously for public healthcare, affordable medication, making the rich pay their fair share, and tackling the climate crisis," said party leader Jagmeet Singh. "We're doing the same here."

Jessica Corbett ·


US Urged to End Drone Strikes After Pentagon Says Killing 10 Afghan Civilians Was 'Horrible Mistake'

"That was not a 'mistake,'" said journalist Anand Giridharadas. "War crimes are not oopsies."

Brett Wilkins ·


40+ NYC Activists Arrested for Protests Against Banks Fueling Climate Emergency

"We're sending a message loud and clear that the little action that politicians and greenwashing CEOs have taken so far does not begin to deal with the magnitude of this crisis."

Jessica Corbett ·


FDA Panel Recommends Pfizer Booster Shots for People 65+ and Especially Vulnerable

The scientific advisory committee voted down a recommendation for other adults.

Common Dreams staff ·

Support our work.

We are independent, non-profit, advertising-free and 100% reader supported.

Subscribe to our newsletter.

Quality journalism. Progressive values.
Direct to your inbox.

Subscribe to our Newsletter.


Common Dreams, Inc. Founded 1997. Registered 501(c3) Non-Profit | Privacy Policy
Common Dreams Logo