Banking on Amazon destruction
A new report by Amazon Watch and Stand.Earth finds that most banks have failed to implement policies that would prevent the worst impacts of the oil industry in the Amazon. Of 14 banks assigned a score in the report, 11 were listed as being at “high” or “very high” risk of contributing to deforestation, corruption, pollution, and the violation of Indigenous rights. The report’s authors say a blanket exclusion for any oil-related activities in the Amazon is the only way to ensure its protection. U.S. and European banks are invested in oil extraction that threatens the Amazon biome, and their environmental and social risk (ESR) policies aren’t strong enough to prevent its worst impacts, says a new report by Amazon Watch and Stand.Earth. The report assigned scores to 14 banks that were based on an analysis of their ESR policies and their current portfolio of investments. Eleven were listed as being at “high” or “very high” risk of contributing to deforestation, corruption, pollution, and the violation of Indigenous rights.
