BNP Paribas, CS and ING to cut Amazon oil financing

Jon Hay

January 25, 2021 08:00 AM

Ecuador Amazon Coca oil near Yasuni park 2016 from Adobe 24Jan21 575x375 — An oil production facility on the edge of the Yasuni National park near Coca, Ecuador, 22 October 2016. The oil production is an international controversy as it threatens the biodiversity and the indigenous population. The environmental encyclica of pope Franics "Laudato Si" has been activated for more than a year - but in how far does it function practically? Visiting the Amazonian rainforest reminds us how difficult the fight is. Photo: Georg Ismar/dpa | Georg Ismar/DPA/PA Images

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.

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Jon Hay