BNP Paribas, CS and ING to cut Amazon oil financing

Ecuador Amazon Coca oil near Yasuni park 2016 from Adobe 24Jan21 575x375
By Jon Hay
25 Jan 2021

Three of the most active banks in financing oil exports from the Ecuadorian Amazon — an environmentally destructive industry with a long track record of trampling on indigenous people’s rights — have agreed to cease important parts of their financial support, after pressure from NGOs and a devastating oil spill in 2020.

BNP Paribas, Credit Suisse and ING were among six European banks criticised by Amazon Watch and Stand.Earth in a report last year for providing trade finance to companies exporting oil from the region.

These three banks have now all told the NGOs they will withdraw from the business. ...

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