Big banks face scrutiny for ‘greenwashing’ their role in Amazon Rainforest destruction
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A recent report reveals that five major banks are accused of misleading the public about their involvement in the the destruction of the Amazon Rainforest. The report highlights that over 70% of the rainforest isn’t covered by their environmental and social guidelines.
The report was produced by the watchdog organisation Stand. Earth and the Coordinating Body of Indigenous Organizations of the Amazon Basin (COICA).
These banks are alleged to have financed oil and gas projects harming the Amazon, affecting the climate, and infringing on Indigenous peoples’ lands.
While the banks claim to follow ethical policies to protect forests and Indigenous territories, the investigation points out limitations in their ability to monitor and uphold these promises.
On the other hand, HSBC, the British bank that who once significantly funded harmful projects in the Amazon, has not provided any financing for such projects since adopting a 100% Amazon exclusion policy in December 2022.
“So far, HSBC has been true to their word,” said Angeline Robertson, the lead author of the report. “This shows it can be done and has been done, even by a company that used to have a big stake”
The authors analyzed 560 transactions related to oil and gas activities by 280 banks in the Amazon over the past two decades. They utilized Stand’s Amazon Banks Database to assess the prevalence of deal structures that circumvent Environmental, Social, and Governance (ESG) exclusions and screens.
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