Big Banks Poured $2B Into Oil and Gas Financing in the Amazon Since Last Year
3 minute readPublished: Tuesday, October 21, 2025 at 8:17 pm
Big Banks Under Fire for Amazon Oil and Gas Financing
A new analysis reveals that major financial institutions have funneled billions of dollars into oil and gas projects within the Amazon Rainforest. The report, released by Stand.earth, highlights that banks have provided $2 billion in direct financing for oil and gas activities in the Amazon since 2024. This news comes shortly after the Brazilian state-run oil firm Petrobras announced plans to begin drilling near the Amazon River, despite environmental concerns.
The study examined 843 deals involving 330 banks, identifying US banks JPMorgan Chase, Bank of America, and Citi as among the largest contributors, with investments ranging from $283 million to $326 million. The Brazilian bank Ita Unibanco led the pack, allocating $378 million to oil and gas firms operating in the region.
The report underscores the environmental risks associated with this financing, including deforestation, pollution, and threats to Indigenous communities. Stand.earth's research indicates that over $15 billion has been invested in Amazon oil and gas since the 2016 Paris Agreement. The majority of this investment has come from a small group of firms, including Ita, JPMorgan Chase, Citi, and Bank of America.
The findings come at a critical time, as the UN prepares to host the 2025 Climate Change Conference (COP30) in Brazil. The Net-Zero Banking Alliance recently suspended operations, following the departure of several large banks. The report also notes that some European banks have implemented stricter policies, but no bank has completely ceased financing these projects.
The financing has primarily benefited six oil and gas companies, including Petrobras and Gran Tierra. Indigenous communities have reported negative impacts from these projects, including health issues and environmental damage. Indigenous leaders are calling on banks to end their support for extractive industries in the Amazon.
BNN's Perspective:
The findings of this report are concerning. While the financial sector is under pressure to transition to sustainable practices, the continued investment in fossil fuel projects in a vital ecosystem like the Amazon is counterproductive. Banks must prioritize environmental responsibility and the well-being of Indigenous communities. A shift towards sustainable financing is essential to protect the Amazon and mitigate climate change.
Keywords: Amazon Rainforest, oil and gas financing, banks, Stand.earth, JPMorgan Chase, Bank of America, Citi, Ita Unibanco, deforestation, Indigenous communities, Paris Agreement, Net-Zero Banking Alliance, COP30, fossil fuels, environmental impact, climate change.