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

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.

oce, avatar

Over the past 20 years, just six banks – Citibank, JPMorgan Chase, Itaú Unibanco, Santander, Bank of America, and HSBC– are responsible for almost half (46%) of all direct financing for oil and gas operations in Amazonia.

From the source:

  • All
  • Subscribed
  • Moderated
  • Favorites
  • fightinggames
  • All magazines