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Swiss bank UBS said it already had declined some crude oil transactions from the region due to concerns about indigenous land rights.Ĭredit Suisse said the issues raised did not represent any breach of any of its oil and gas lending policies and it regularly reviewed its policies on environmental and social risks.įrench bank BNP Paribas said the report’s methodology was “opaque” and questioned how the authors had arrived at estimates of banks’ financial exposures. Rabobank, of the Netherlands, said in a statement it had stopped financing Ecuadorian crude cargoes earlier this year, adding that the concerns raised were “in line with our policy commitments and part of the due diligence in our trade finance operations”.īoth France’s Natixis and Dutch bank ING pledged to look into the concerns raised in the report. Scientists warn further damage could push the Amazon past a tipping point where it becomes a major emitter of the gas. The rainforest plays a vital role in regulating the Earth’s climate by absorbing carbon dioxide, which is one of the main greenhouse gases responsible for global warming. About 15-17% of the original forest has been destroyed, mostly since the 1970s, scientists say. Spanning nine countries in South America, the Amazon rainforest faces worsening wildfires and clearing for agriculture and mining.

“To devastate the Amazon is to devastate life itself.” “The banks are engaging in double standards,” Marlon Vargas, president of the Confederation of Indigenous Nationalities of the Ecuadorian Amazon, told Reuters. refineries over the last decade.Įach of the banks identified, having reviewed the report here, referred to environmental commitments they had made, such as to back the 2015 Paris climate accord, protect forests and support United Nations sustainable development goals.īut indigenous communities resisting oil industry plans to push deeper into their territories said any bank backing the trade from the Amazon was complicit in growing threats to the world’s largest rainforest. Stand.earth and Amazon Watch said ING, Credit Suisse, Natixis, BNP Paribas, UBS and Rabobank were the largest backers in the shipment of about $10 billion of dollars of Ecuadorian crude to U.S. LONDON/QUITO, Aug 12 (Reuters) - European banks committed to backing action on climate change face allegations of double standards from indigenous groups in Ecuador after a report named them as major players in the trade in oil from the Amazon rainforest. * Oil industry plans to expand into U.N.-designated parkīy Matthew Green, Alexandra Valencia and Simon Jessop * Banks have made climate, environmental pledges * Indigenous communities in Ecuador raise alarm * Report names banks backing trade in Amazon oil

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