Spotlight shifts to Natixis, SG on Ecuador oil finance as banks pull out

Ecuador Amazon oil lake pollution 2004 from PA 28Jan21 575x375
By Jon Hay
28 Jan 2021

In a rare sign that environmental campaigners are having an impact on the financial industry, the burden of financing the Ecuadorian Amazon oil trade has shifted between banks in the past six months. But it is clear the banking industry is supporting the trade in more ways than have yet been uncovered.

As GlobalCapital reported on Monday, BNP Paribas, Credit Suisse and ING have all decided to pull out of providing trade finance to companies exporting oil from the ecologically sensitive region in eastern Ecuador and Peru called the Sacred Headwaters of the Amazon, since being criticised in a ...

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