Banks Financed $2bn in Amazon Oil and Gas Last Year
Indigenous leaders and non-profits are urging banks to stop financing Amazon oil and gas after new research revealed that lenders provided $2bn in direct financing for fossil fuel expansion in the region since 2024.
- Brazilian lender Itaú Unibanco
- Peru’s Credicorp
- North American lenders Scotiabank
- Bank of America
These banks have "significantly increased" direct financing to Amazon oil and gas from January 2024 to June 2025, according to the non-profit Stand.earth’s "Banks vs. the Amazon" scorecard.
Itaú Unibanco, Brazil’s largest bank, was the biggest financier of Amazon oil and gas for 2024-2025, mainly via its financing of Brazilian power-generation company Eneva.
Author's summary: Banks financed $2bn in Amazon oil and gas last year.