Top Banks Accused of Greenwashing in the Amazon

The watchdog group Stand.earth and the Coordinating Body of Indigenous Organizations of the Amazon Basin (COICA) reported that Citibank, JPMorgan Chase, Itaú Unibanco, Santander, and Bank of America have policies that fail to effectively protect more than 70% of the Amazon rainforest.

The report claims these banks have financed billions of dollars to oil and gas companies whose projects harm the rainforest and its Indigenous peoples. Despite banks claiming to adhere to responsible environmental and social guidelines, the study highlights significant gaps in their ability to enforce these standards.

The investigation used Stand.earth’s Amazon Banks Database to examine 560 transactions by 280 banks over the last 20 years. Results showed that Citibank and JPMorgan Chase have provided the most capital to oil and gas operations in the region, at $2.43 billion and $2.42 billion respectively. Itaú Unibanco, the third largest financier, reportedly lacks any environmental exclusions for oil and gas projects.

In contrast, HSBC was commended for implementing a 100% Amazon exclusion policy in December 2022, showing a commitment to cease funding harmful projects in the region.

Banks have disputed some findings, emphasizing their commitment to responsible financing. Citibank and JPMorgan Chase detailed their due diligence processes, while Bank of America, Santander, and Itaú Unibanco highlighted their environmental and social risk management policies.