European banks financing Amazon rainforest oil trade despite climate pledge: Reports

Days after European investors warn Brazil authorities about escalating deforestation in Amazon rainforest, European banks dedicated to back action on climate crisis are now facing allegations of double standards from indigenous groups in Ecuor. This comes after a report named European banks as major stakeholders in oil tre from Amazon rainforest. 

According to reports, two climate watchdogs have claimed European banks including ING, Credit Suisse, Natixis, BNP Paribas, UBS, and Rabobank were largest supporters in shipment of nearly $10 billion Ecuorian crude oil to refineries in United States over last ten years. se banks have not only identified environmental commitments but have claimed to support m including 2015 Paris climate accord. 

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However, indigenous communities protesting against exploitation of ir territory by oil industry have said that any bank supporting oil tre from Amazon rainforest was complicit in growing threats to world’s largest rainforest, international media reported.

Marlon Vargas, president of Confederation of Indigenous Nationalities of Ecuorian Amazon told an international news agency that ‘banks are engaging in double standards’. He furr noted that devastating Amazon implies devastating of life itself. 

While alrey fighting raging wildfires, Amazon rainforest that spans across nine nations in South America also faces deforestation for agriculture and mining.

According to scientists, since 1970s at least 15 to 17 percent of original forest has alrey been destroyed. rainforest plays an important role in regulating Earth’s temperature by absorbing a greenhouse gases like Carbon Dioxide. researchers have reportedly warned that any furr deforestation in Amazon would push ‘Earth’s lungs’ past tipping point. 

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European banks deny allegations

Despite report titled ‘European Banks Financing Tre of Amazon Oil to US’ raised questions on credibility of ir commitments, Nerlands' Rabobank is reported to have stated that it h halted its financing of Ecuorian crude cargoes earlier in 2020. It also said that concerns raised were hering to ir policy obligations and part of due diligence in tre finance operations. 

Meanwhile, French bank Natixis and Dutch bank ING have pledged to look into issues raised in report. Swiss bank UBS has said that it has alrey declined some crude oil transactions from rainforest due to concerns surrounding indigenous land rights, international media reported.

While Credit Suisse is reported to have said that issues raised failed to represent any breach of any of oil and gas lending policies, French bank BNP Paribas called methodology of report “opaque”. 

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(With agency inputs; Image: AP)