World’s top banks ‘greenwashing their role in destruction of the Amazon’

Institutions alleged to have given billions of dollars to oil and gas companies involved in projects that are harming the rainforests

Five of the world’s biggest banks are “greenwashing” their role in the destruction of the Amazon, according to a report that indicates that their environmental and social guidelines fail to cover more than 70% of the rainforest.

The institutions are alleged to have provided billions of dollars of finance to oil and gas companies involved in projects that are impacting the Amazon, destabilising the climate or impinging on the land and livelihoods of Indigenous peoples.

The banks say they follow ethical policies that help to protect intact forests, biodiversity hotspots, indigenous territories and nature reserves. However, the investigation says it has found geographical and technical limitations on their ability to monitor and achieve these stated goals.

The report was produced by the watchdog organisation Stand.earth and the Coordinating Body of Indigenous Organizations of the Amazon Basin (COICA). The organisations mapped the extent of the environmental and social governance (ESG) commitments of five leading funders of fossil fuel operators in the South American biome. Those banks – Citibank, JPMorgan Chase, Itaú Unibanco, Santander and Bank of America – together account for more than half of the loans to companies in this sector.

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