The Amazon rainforest is often referred to as “the lungs of the Earth.” It produces 20% of all oxygen and plays a crucial role in tackling climate change with its absorption of carbon dioxide. But that doesn’t seem to matter to greedy U.S. banks, which are pouring money into destroying its forests and rivers.
Oil and Gas Are Apparently More Important Than Breathing
A report shared by environmental agency STAND.earth shows that the U.S. banks are among the biggest financiers of oil and gas extraction in the Amazon. Overall, banks have provided $15 billion to companies that are operating in this region since 2016. JP Morgan Chase, Citi, and Bank of America accounted for almost $5 billion.
The three aforementioned banks already showed where their priorities lie back in January when they exited the Net-Zero Banking Alliance (NZBA). This UN-supported organization, which was committed to achieving net-zero greenhouse gas emissions across the investment portfolio of its members, later ceased its operations due to a lack of support. The exit of U.S. banks was made under the pressure of Donald Trump and conservatives, who somehow still think climate change isn’t real. Also, they obviously don’t think breathing is important.
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People Are Already Suffering
Around 80% of this financing went to just six companies: Gran Tierra, Petrobras, Eneva, Gunvor, Hunt Oil Peru, and Pluspetrol Camisea. All of them are associated with cases of human rights abuses, corruption, and unethical behavior. They also showed a complete lack of consideration for Indigenous communities. They are not only losing their territory but also access to food and water, while also being harmed in multiple other ways.
Ingry Mojanajinsoy, President of the Association of Inga Councils of the Municipality of Villagarzón Putumayo in Colombia, said that “oil companies like Gran Tierra have brought conflict, displacement, and loss of culture to our territory.” Jonas Mura, chief of Brazil’s Gavião Real Indigenous Territory, added that “Eneva has caused much damage in our territory. The noise, the constant truck traffic, and the explosions have driven away the animals and affected our hunting. Even worse: they are entering without our consent. Our territory feels threatened, and our families are being directly harmed.”
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Banks are Pushing Amazon to Its Tipping Point
According to studies, Amazon is reaching its “tipping point” and banks seem determined to get it there sooner rather than later. When that happens, it will stop being “the lungs of Earth” and instead become one of its biggest polluters. At that point, it will be too late to do anything, but at least we’ll know who to blame.
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